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so you've decided to retake it? I'm aware of the situation when two friends applied to HBS. She made it with 680 and extensive community work, the guy (780) was rejected. So being a genius doesn't help sometimes.
I am hardly a genius and getting a 750 plus wont change that. But more than that I have some specific things I am working on it in terms of EC's. Not regular stuff, but very targeted win or bust type stuff. To be frank I am not a big community service at a school kind of person. I tried JA in college but couldnt stand it, thus need to find something I enjoy to get properly engaged in it.
If look at @ the zero admits club for 2008 (i.e. folks who couldn't get a single confirmed admit), you'll find at least 3 scores of 770. Super high gmat will definitely not get you in. Your essays need to be superb ..