Bharat please give more insight about the books you referred, your study methodology, your practice test scores etc.
Also tell which test area you felt more comfortable Q or V ? I see a scope of improvement in both of them.
Dont lose heart, practice a bit more for a month or two and score with flying colors!!

I used IMS / Kaplan premier/ OG 12th edition as my study materials. Though frankly I did not do much from the IMS source. My mock tests were of increasing trend.

T1: Diagnostic test (IMS): 460
T2: Diagnostic test (IMS): 460
[Both without any preparation]
T3: IMS Test 1:500
T4: GMAT prep1: 540
T5: POWER PREP: 560
T6: Manhattan test: 630
T7: GMAT prep2:640

In all the tests, after I started preparing, I was achieving around 45 in quants, but verbal was always on the down side. I do not know whether I can re-take the exam and have my applications sent before R2 of admissions.

Any thoughts?

Honestly bro, its going to be quite tough to pull it off. Most R2 deadlines are in the first two weeks of January, which would mean you could not wait the mandatory 30days to retake the exam. If you are serious about boosting your score I would suggest studying for another 4-8 weeks then take the exam in the Spring, and apply for Fall 2012.

Best wishes.

I would agree with harder8334. Dont give your GMAT till you consistently score high in your prep tests.
Do keep up your rhythm in studies....All the best!