GMAT Strategy

I took the GMAT 2 months ago and scored a pathetic 500.I am preparing for it again but not getting enough time for prep. Anyways, I am able to put in 2-3 hours everyday and would like to take the exam again in Jan/Feb for applications in 2012. I would like to know when's the LAST best time I can take GMAT for a possible R3 applications.
I know I have run out of chances for most bschools in R2 but there are a few which have R2 open in Feb. I am targeting a 650+. Taking the exam later than this time and applying for 2013 is something that I have decided against.
Some advice my way would be appreciated.By the way I got Q30 and V28.

No one?

In terms of the "last best time" you would need to check with each school independently to find out their deadlines.

If you are currently around a 500, I would try to follow one of the 30 days study plans on this site in addition to a strong focus on review and strategy. Here are the main tips to cover:

Study every day, and don't procrastinate! You will need to be disciplined about your studies. Work backwards from your test date. Don't cram on the weekends only! With only one month to study, you'll need to do at least some GMAT every single day.

Use MGMAT SC & Powerscore CR to supplement your materials. After the OG, these are two Verbal books that can take your score to the next level. Study in short, intensive blocks. GMAT study blocks that are too long will ultimately wear you down. Make sure to rotate your study topics often and abide by it, even if you'd like to squeeze in a few more hours. Staying up all night to complete yet another practice test is not always the best choice.

Create an Error Log. Re-take quizzes and practice tests from the very beginning of your GMAT studies. Do you find yourself getting the same questions incorrect? This can be a sign that you haven't learned the content you think you have. Be honest with yourself about what is "sinking in" and what is not. Use an Error Log to assess. You can find many templates online

Review all questions. Use the 40/60 rule. 40% of your time should be spent actually answering questions. At minimum, 60% of your time should be spent reviewing.

Take at least 1 GMAT practice test per week. Don't take your practice tests sitting cross-legged on you bed. Utilize your desk and scratch pad as you would on the actual test. Your body needs to adjust to what it feels like to take a 3+ hour test. Because you only have one month to prepare, you should plan to take 4 practice tests, although 6 would be ideal.

Thanks Vivian for replying promptly.

That 40/60 rule really makes sense.So far in the last month I have worked on the OG problems from Word Translations, Number properties and FDP. These comprise of a majority of the questions from the quant side If I am not wrong, I have created a log of errors that I faced for each question and have reviewed them.I haven't been able to work on any verbal since I have been doing this since past 1 month.

I know ignoring another section is completely wrong but out of the 3-4 hours I get, I solve mostly 15-20 questions since I need to understand where i go wrong in the approach.Hence i am not able to cover much ground in Verbal and other sections of the quant.I am a little slow in picking up these things.

I am yet to work on Geometry and Equalities in Quant.

Let me know what do you think.