Can i apply for H1B visa while i am on F1 visa (MBA)

Can i apply for H1B visa while i am on F1 visa (MBA)(after 90 days time period of my study) ...if i have an employer to sponsor..not sure of continuing study,, as i am graduated in BHM(bachelor of hotel management),,having 4 years of previous experience outside of the USA..are there any firm restrictions...if i am able to apply for H1B visa what would be the processing time...and how would it impact my F1 visa(in case H1B rejected)

 

your answer would help me a lot and very much highly appreciated

hope to hear from you soon. 

 

Thanks & Regards

        sri