Hi nphatak,
First off, a 760/Q48 is an outstanding score, so you should apply to any Business Schools that interest you. What you 'heard' about the Top5 is NOT true, so whoever gave you that 'advice' should probably not be consulted again. There is a Forum full of Admissions Experts though, so if you have any questions, you should ask them here:
ask-admission-consultants-124/In that same way, since the level of competition is so high at the Schools that you're considering, you might want to consider working with an Expert on your applications. For what it's worth, calling a Q48 a 'bad' score makes you sound silly.
GMAT assassins aren't born, they're made,
Rich