Change of status from L1(blankett) to H1B

[h1b_visa42]

hi everyone,
Currently i am working for level-5 company in India.
I have L1B-Blankett visa from my company which is valid till the may-2010.
i even have filed for H1b visa in 2009, for which the current status is 221(g).

Can i go to US to L1 Blankett(with a possibility of extension) and change to my H1B immediately(If by any chance H1B visa gets stamped)?

This is the most important question for me.
Your reply will be highly appreciated. Please help.

Thanks,
XYZ.

[kabkaba]

There are two different things visa and petition.
Visa is what is printed in your passport. Petition is what some employer does with you as the beneficiary.
If/when they approve your H1 visa it is up to them to decide whether to cancel the L1 visa or not. But only the visa may be canceled not the underlying petition, your company may use that petition to get you an L1 visa again. Also, even if your H1 is denied, you may use your L1 visa to enter in L1 status. But you may not work for H1 employer while in L1 status.