What should I do if I do not have OPT?

I have recently finished with the Undergraduate in may 2007 and have been admitted to Graduate school, but have not taken any courses yet and have not been issued a MS-I20. My I-20 and F-1 visa is valid through 2008. But, After a week from graduating I found a work, and they are willing to hire me, but I have no OPT nor CPT. The thing is that can I still apply for OPT, even though I am passed the semester end dates for Undergraduate studies. If so how long do I have left to apply for it, and there is any other option left for me to start working full time. Can I take 1 semester of Graduate course and then apply for OPT or I have to apply for CPT?

Answer:
Your school will have to approve OPT for you.

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