Answers:
Your first effort at the GMAT does not offer an accurate reflection of your ultimate ability. The GMAT is not an I.Q. Test--it is a test of specific verbal and math skills--building blocks that steadily improve your score. Another point to consider is that business schools generally only consider your highest GMAT score, so your past GMAT shouldn't hold you back if you improve on the next one.
I would highly recommend taking a prep course, in order to properly focus your efforts on relevant concepts. There are, of course, many companies to choose from--Kaplan, Princeton, etc. I went with PowerScore for my own preparations, based on chat board recommendations and the fact that all of their instructors scored in the top 1% nationally. I was not disappointed--I found that their approaches were effective and understandable, and with each practice test I continued to improve. When I took the real GMAT, I ended up with a 770.
Just buy a book and identify areas that you need help. Spend some time! You can do it!
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