This is a phase 1, open-label, multicenter study investigating the use of MLN518 in combination with standard chemotherapy to patients with newly diagnosed AML. Two dose levels of MLN518—200 mg and 400 mg given orally twice a day are planned for sequential evaluation in separate groups of patients. Patients assigned to the 400 mg dose level given orally twice a day of MLN518, will potentially have their dose of MLN518 adjusted on the basis of MLN518 plasma concentrations measured during the first 3 days of induction therapy. All patients will receive initial induction chemotherapy with cytarabine, 200 mg/m2/day by CIVI on Days 1 through 7, and with daunorubicin, 60 mg/m2/day by intravenous (IV) push (IV infusion if borderline cardiac function is detected) on Days 1 through 3 ("7+3"). An abbreviated cytarabine and daunorubicin regimen ("5+2") will also be used when the initial remission induction therapy fails to clear the bone marrow of blast cells (as typically detected on the Day 15 bone marrow) and a second attempt at remission induction is indicated. Patients who achieve a complete remission (CR) will receive consolidation therapy with HiDAC (standard or modified) in combination with continued MLN518 treatment. Patients remaining in continuous CR after completion of their last cycle of consolidation therapy will be permitted to continue treatment with single-agent MLN518 for 6 months thereafter.