I'm in a very similar situation so I hope that I relay back some of the advice given to me.
Applications are judged as a whole so there's never going to be one thing that makes or breaks you, although I'm sure some will argue that the Most Elite schools will ding you automatically for having a low GPA. For the purposes of helping answer your question and giving you an actionable plan, you want to focus on addressing your academic profile by taking additional courses (building an "alternative transcript"), be able to communicate your career progress in your resume, essays, and interviews, illustrate a good fit through your extracurricular activities, and make a compelling argument why you need an MBA... and why now.
Having seen so many people in our position, I think many would agree that you can have a shot at #10-30 if you perfectly execute the rest of your application. I see that this is your first post. I would really plow through the "Ask MBA Admissions Consultants" threads because it'll give you much more information and help map out what you need to do.
Stats by August 2014
28, Asian-American, Born and raised in lower-income Bronx, NY.
2.64 (downward trend) Economics degree from UT-Austin in Dec. 2009
GMAT Goal: 710+, exam scheduled for July 27, 2013 at 12PM CST
WE: Sales Team Manager at Apple - business development and strategies for the Apple Online Store
Past WE: Financial Services advising at Northwestern Mutual Financial, Equities Trading at Kershner Trading Group
EC: 3 years of National Council on Fraternity (VP, President), Current Chairman of Texas Exes, Asian Alumni Network (2012-2013)
Target: (1) NYU, (2) Duke, (3) Michigan, (4) Texas, (5) UCLA, (6) Rice
Giving this 110%. I appreciate all advice and encouragement. Thank you, everyone.