I just Beat The GMAT!

Hey,

I am in 3rd year of my B.tech from IIIT- Allahabad and need your advice regarding GMAT preparation.

My academics are not very good. Just 79% in 10th and 73 % in 12th from ICSE board. In college, I have CGPI of 7.6/10. So, this academic record will not let me get admission in IIM's. Also, I am not much interested to do MBA from India and some time back, I heard about HBS 2+2 program which sparks a lot of interest to me. Its application deadline is 15th June,2010 so I need to give my GMAT anyhow before the deadline. Thus, I choose GMAT. I am also looking to apply for Deferred MBA program in foreign universities.

Also, I have no interest in Engineering and this is what forcing me to go for MBA. I have been associated in management related activities like I was a member of Program and Management Club of my college, I am the founding chairman of IEEE student club in my college. Also, I am the Campus crew Coordinator of India for Opera Software for its marketing activities in India. Then, I was also a participant of Tata Jagriti Yatra 2009. Also, organized lot of events in my college. I think these all things will also give me some benefit over others.

But, I have yet not started preparation for GMAT. Please suggest me some plan/ strategy which could help me to get a good score (about 700) in 2 months. And is it possible to get it? I can devote 3 hours/day + some extra time on weekends for my GMAT preparation. keeping 15th June in mind, which will be the best date to give my GMAT?
You must have realized by now that my vocab is very poor, so will I be able to improve in 2 months time?
Also, I need your suggestions to know, that is it the right time to prepare for MBA, I mean in 4th year of engineering and to take a deferred program.

Please give me your suggestions as soon as possible as I don't have much time to prepare.