Well, I hate to say it, but the answers to both #1 and #3 are "right now." If you're interested in applying for entry in 2008, you need to take the GMAT ASAP.
Judging by your questions, you are still very early new to the application process, so it will take some time, weeks or months perhaps, for you to gather enough information to know which schools to apply to. This information gathering would include official websites, books and brochures, and 3rd party websites like this one where you can get opinions from people in the know. If you check over on the applications forum of GMATclub, you'll see that people have been doing this for some time now.
This research will help you determine which schools you have a shot of getting in to, and which ones are best for your personality and learning style. You'll also factor in location and personal preferences to decide where you will ultimately apply.
Once you have figured out where you'd like to apply, it will take some time, months perhaps, to prepare quality applications. You will need to gather recommendations, refine your resume, create detailed histories of your work and extracurricular experiences, and of course, draft compelling essays for each of the schools that you plan to apply to.
First round deadlines are coming up soon. Second round deadlines come up in early January. You don't want to apply after the 2nd round. So, if you're still prepping for the GMAT, you need to get that out of the way right away, and get started on the other steps.
I just signed up with GMATClub hoping to see some magical people and who can guide me on the GMAT Journey.
I am a seeker who needs to have information and I will be highly grateful to know your valuable suggestions.
I have planned to appear for GMAT in due course of time. I am a software professional with 3+ years of work ex and have been working @ various GEOs like Singapore, USA, UK.
I would like to have all your comments and suggestions on following:
1. I want take addmission in 2008 cycle. So what would be the suitable time for me to appear for GMAT? I have good score in Grads. I have just started preparing for the test and your suggestions will help in deciding my pace.
2. It would be appreciable if you could let me know the plan I should take up to get admissions in 2008 on the fact that I have just started working towards MBA addmissions.
3. What would be the right time to start applying in the universities?