Help! F1 out + illegal work ??

I am a Ph.D. student in computer science department. This is my fifth year. I plan to graduate in spring 2005. Now I am in great trouble for such a weird thing.

For the fall 2004, I declared leave on Graduate School web site and officially obtained a half time CPT to legally work for IBM. In the beginning of this quarter, I find out that my F-1 status is in great trouble BECAUSE
I didn’t file Leave for Absence => my work for IBM is illegal ==> I am dropped out from school (F1 out of status).

Currently, the chief officer of OISS and a vice dean of graduate school are helping me to get my F1 reinstated. If I hadn't worked for IBM, it would be easy. But since "illegal work" involved, things become complicated.

Does anyone know how is the probabilty of reinstatement for my case? If denied, can I get back with H1B or F1 visa?

Your information are greatly appreciated!