Profile Evaluation (Low GPA, Good GMAT)

You should wait, most definitely. Round 3 is just not that friendly of a round for applicants and I'd recommend avoiding it if possible.

If you can wait until fall, here's my suggestion to you - build up an alternative transcript. A 2.63 GPA is going to stick out like a sore thumb when you're applying to these top schools, whose average GPAs fall between 3.4 and 3.6. You'd be at the bottom of the bottom 10 percentile and that's just going to make your application that much harder to get by the adcoms. Take some courses and try your best to get A's. I'm recommending this only because you're not that far away from college just yet (unlike those applicants who have graduated 10 years ago and college grades are just too far away to be that big of a determining factor). Since you're not that far away from college yet, it's only best to show these top b-schools that you'll be able to handle the rigor of the curriculum. Your GMAT is definitely a good thing to offset a lower GPA, but a 2.63 will put you at a very difficult pool to gain admission. Here's another reason for the wait - by waiting and applying round 1 or 2 for class of 2014, you'll gain at least one more year of work experience, which would appeal more to schools that have an average age of 26 or 27. You will then enter b-school with 3.5 years of WE, instead of 2.5. This is really a personal choice, but you can play this to your advantage by volunteering your time and by taking additional classes.