I agree with most of what other posters have said. However, I believe that young applicants who are serious can be accepted to a well-regarded MBA program.
I agree few schools would ignore low work experience. However, many are probably willing to overlook it in exchange for especially high standing on other admissions criteria. This is somewhat similar to the way that schools prefer higher grades or higher test score but they are willing to accept a lower value on one criterion in exchange for a higher value on another criterion. A number of elite and near elite schools have submatric or 3/2 programs for their own students (eg Penn, Rochester, Washington (MO), UC Irvine). These schools clearly see utility in the presence of relatively young students. However, these schools might be more generous to their own undergrads than young undergrads from other schools.
It is important to note that the presence of young students at top schools is consistent with the early history of graduate business programs. For generations, many of the students at the elite schools had little work experience. The heavens will not fall if a 22 year old attends a top school.
See the following information from Irvine
"Admission to this program is highly selective and requires exceptional academic performance at UC Irvine. Because of the importance of team projects in the MBA program, personal maturity is a significant factor for admission. Work experience is another important factor. While undergraduates are not expected to have as much full-time work experience as other MBA candidates, significant summer or part-time jobs and internships are strongly preferred. Students who are admitted generally have an average GPA of 3.6 and score above the incoming class average on the GMAT."
In any case, applying will almost certainly increase your chance of admission.
Hjort