The simple answer is that you need to prepare a lot better for your next go.

At Kaplan we talk about the 3 "C"s of test preparation:

Content
Critical Thinking
Crisis Prevention

Based on your post, it seems as though you spent all of your time on the first "C", content. Doing so will NOT let you hit your top score.

Without doing any full length GMATs, you set yourself up to fail. I'm really not surprised that you had big timing problems (the biggest crisis faced by GMAT takers), given that you never practiced under timed conditions. How could you possibly know how to allot your time on test day if you had never done so in the past?

You need to set a target date to rewrite the test and plan a detailed study schedule to get you there. Here are a couple of questions to ask yourself (and some possible answers):

Will a prep course benefit me?

Well, how long has it been since you followed a study regimen? One huge advantage of the Kaplan course is that you get a detailed course syllabus which guides you to what to do at every step of your preparation. You don't have to spend time figuring out what's relevant, let a company with 60+ years of test prep expertise and that spends millions of dollars on R&D every year do the scut work for you.

With what do I need the most help?

If it is content, then start your prep with a solid math/grammar review. If you're comfortable with the content, but have trouble understanding it in the context of GMAT questions, then start with a LOT of untimed practice, to make sure that you master the individual question types. If timing/test format is your biggest issue, then do a lot of timed practice and full-length practice CATs.

Well, first of all, don't panic. Put things in perspective. I took the GMAT in early April and scored a 540. And that was with 8+ weeks of intense studying!!! I have never been good at standardized tests, but I tried my best. I really thought I was doing well on the test, timed it perfectly, but still only got a 540 (a 6.0 on the AWA).

That being said, I just got accepted into my first-choice part-time program for fall 2008. Yipee!!!! I have one other application at another school awaiting a decision. There's no way I was taking the exam again, because I refuse to throw my hard-earned money away. I'm not interested in increasing Pearson's earnings and that's what a lot of test re-takers are doing.

I am a 38-year-old female with 15+ years of work experience (including substantial leadership experience), excellent essays, a 3.4 GPA (although low grades on the few math classes I took) and strong recommendations. Other parts of your application DO count. Don't give up!

I'm on my way to B-school and the GMAT didn't stop me!

i have read that not answering questions severly lowers your score by default. I think if you learn to manage your time you're score will go up by more than you think if you can get through all the questions