You will need to check with individual school deadlines, but by no means is it too late for most schools, which don't even have a first und deadline until next month and round three goes all the way till Spring 2010. It is generally advisable to avoid round 3 if you can, however. Evening programs may be even more flexible, so again, check with your target schools. Know that it would be better to bump to the next round rather than rush through and submit a half-baked application for round one, so keep that in mind. Also a consultant can certainly help you speed things along if you want to go that route (but I am clearly biased there . toughest challenge will be prepping quickly and performing well on GMAT but it can be done. good luck!

Yukikodesigns - You may want to call up your school and check with them. Each school usually has a different set of expectations. However, by no means you are late. There is a possibility that you may end up on a very tight schedule. You could submit applications and study for GMAT at the same time. You could submit your application in Round-II and take GMAT later. Some schools have a provision that you can submit everything in Round-II as long as you have specified that you are planning to take GMAT at a certain date. In this case, your application is put 'on hold' until your scores reach the institution.

Either ways, I would recommend that you focus on quality of your application. Most students submit a poor quality of application - simply to meet a deadline (and then they wonder why did they get rejected by the school). Personally, it is not worth putting in half-hearted effort. Either do an excellent job with your essays and application or move up the deadline.

Remember - This isn't just the GMAT scores that will get you in. Everything will be taken into account, so don't just blindly rush into things. Take your time and do not compromise on quality of your efforts.

Hope this helps!

Good Luck!