Sure. As long as you have a will and drive to do better, there is definitely a hope for you.You cannot be 'punished' for your low gpa for the rest of your career . B-Schools are not looking for mistake-free individuals; they are looking for candidates who can learn from their mistakes , and can demonstrate consistent growth.
You are already taking courses and are hoping to score well. You have 7 years of work experience. If you can show career progression and accomplishments in your career, and can get 720+ GMAT score , I don't see any reason why you can't apply to the schools of your choice. Success at MBA programs depends a lot on how well you are able to present your candidacy.
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