Its hard to say without knowing more about your study methods, but it doesn't make sense that your actual score is 110-160 points lower than your practice tests, unless the tests were garbage, or something happened on your test day that threw you off.
Did you take the GMATprep tests? And if so how did you perform on those? Secondly, was there anything that seemed off on your test day? Did your nerves get to you? Did the questions seem different from what you are used to? Or maybe were you unable to sleep leading up to it? Perhaps you bungled the timing?
I'm just trying to figure out why there is such a discrepancy between your practice tests and your actual test. I know the first time I took the GMAT I was very wound up and nervous and my brain seemed to shut down during the math section. I retook it a month later and felt much more at ease and performed much better.
When are you planning to apply to programs? If it is this year, you will probably have to reschedule immediately for your retake and study hard and consistently until then. If its not til next year then I would do as bmillan said and take a bit of time off and then make a plan that you can stick with day after day for two to three months.
Lastly, you didn't mention what your breakdown was, but if your math scores are low I'd recommend the
MGMAT foundations of math if you haven't worked through it yet. My math was bad when I first started studying and that book really helped me out. Just remember to stick with the basics, don't try to jump into difficult concepts and material until you are a master of lower and mid level questions.