I think what will be more interesting for the adcom to know is how you were able to get engaged *and* party too much - usually the former leads to much less of the latter haha
Anyhow, if you really want an MBA, you might as well go for it. You can't do anything about your GPA - nor can you spin it. It is what it is, and an adcom will either overlook it or he/she won't. Just do the best you can on the GMAT, focus on writing strong applications, and see where that takes you.
The GPA is usually the most forgiving aspect of a profile -- a GMAT out of range will more likely cause a ding than a GPA that is low.
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