I just Beat The GMAT!

Hello Folks,

So I took the GMAT on Nov 7th, 2009, and scored 540 (Q47, V29) with overall percentile of 56%.

I shouldn't say that I am shocked at my result as during my prep tests I have the following scores:

GMAT Prep - 510
MGMAT - 580
MGMAT - 620
MGMAT - 530

Somewhere I think I am not really good at taking these standardized test. I remember taking my GRE in 2002 and scored measly 1780/2400. Anyways, I did manage to get into Univ of Colorado, Boulder, which has the 2nd best Masters in Telecommunications Engineering Program after Carnegie Mellon in the US.
I have been working for last 5 years and have shown a career progression moving from a sys admin job to a product consultant to a project manager.

My question to the folks on this panel is:

I am really interested in applying to only 2 universities:

INSEAD and Indian School of Business (ISB).

Here is my profile in short:

- Undergrad in Electronics and Telecom Engg, India (First class)
- Masters in Telecomm Engg from Univ of Colorado, Boulder (GPA 3.6)
- Work Ex - 5 years (with career progression)
- GMAT - 540 (Q47, V29)
- Extra Curricular:
a. Founder Secretary - Electronics and Telecomm Engg Students Association, India
b. Technology chair - ITP Univ of Colorado, Boulder
c. Secretary - Indian Students Association
d. Volunteer - CRY (Child Relief and You, Atlanta Chapter)
e. Volunteer - Charity Water, Boston.

What are my chances of an admit at these universities? Also, do you think i should take the GMAT again before applying?