Hi Saad,
Since your GMAT score is one part of your application which you can still control (compared to, say, your undergrad GPA, which is now set in stone), I strongly recommend that you try to boost your score by another 30 or 40 points before applying. Especially since you have a low undergrad GPA to overcome, you don't want to take any chances re: your GMAT score. I know it's a lot of work and stress and aggravation, but it will be worth it when you get into one of those schools!
We wrote a blog post about this very same idea last year:
http://www.veritasprep.com/blog/2010/08 ... while-you/Good luck!
Scott