Several answers here:

1) yes you can wait to apply and you do not have to list any recipient schools when you take the test, just will have to go back and request your scores be sent to your school of choice once you decide. Scores are good for five years from test date.

2) Work experience is perhaps the most important component of your application package and top b-schools like Cornell will want to see leadership, progressive responsibility, and ambition in your post undergrad career. I would definitely go try to garner some experience where you can develop and exercise these traits, preferably either with a fortune 500 company or if it's lesser known, a company where you will have extraordinary access to upper management or to unique responsibilities and opportunities. MAke sure you have a good vision for what you want to do after b-school and then target a pre-bschool job that will best prepare you to be attractive to that postMBA hiring company. you have a blank slate now to begin sketching your future and sounds like the advantage of time to get it done on your terms. Take advantage of that. Good luck.

OUCH! well on that note, the reason I do not have any work experience pertaining to my major is that I cant find a job anywhere... I have applied to numberous places, such as walmart, geico, even abercrombie or any type of management position and I have been intervewed a few times, but just never got the offer for a position.

I was thinking that hopefully with my over 700+ Gmat score, fortune 500 companies will more likely to hire me and maybe even sponsor me for Grad school. over 700+ on the Gmat will definitely enhance my resume and improve my chances! Thats really the only way I see myself having a chance to attend an Ivy School.

Thank you so much for your feedback!

much much appreciated