While Olin may not cost money to apply, you still have the time you're doing it. There's probably something to the idea your applications get better the more you do, but I don't think just applying for the hell of it is a good idea. One of the reasons it gets better is because you take the first one seriously.
Unless you have something extraordinary about you, I think you are unrealistic if you think you have any chance at all at at a school where you are 155 points below their average GMAT.
Your time is far better spent studying for the gmat so you can get a decently high GMAT to at least have a shot.
To more directly answer your question: barring something unusual about you, no chance at all.
yeah you're right...I'll better prepare for GMAT,get 7xx and then apply. Thanks Jeanette.