Sorry, but your questions can be answered by doing your own research. Put the "quest" back into question.

What you mean by top universities, If you mean IV's then I don't think it is possible, following points are considered for admission:
1. GMAT
2.GPA
3.experience (hifi) relevant
4. essays
5. extracurricular
6.TOEFL
7.Personality (which is expressed in essays)
You need robust result in top four items to get admission in a good business school.
Other thing you need to consder is
cost
location
specialization
settlement after degree
hope it answers your query
happy

good check list happy - it seems some people think you can get into the best schools in the world, without the qualifications necessary! something like: hi, i have no gmat score, a bad gpa and no work experience - can i get into the best business school.

IAO is not internationally acclaimed. It is a scam: http://en.wikipedia.org/wiki/List_of_unrecognized_higher_education_accreditation_organizations#I

@Happy – Hey that is a pretty good checklist bro! I can proudly say I have been able to do well in the first four points mentioned by you – I have a good GMAT score of 750, good GPA of 9.1 (rather great) but no relevant experience in the past. I get stumped with the third point every time wherever I apply. I am sort of tired of going through the same grill where every MBA college asks for relevant experience. I want to do my MBA right away because I don’t want to lose that flow of studying. I am in that right bent of mind after Bachelors. Any good schools that take you on the basis of scores and extra-curricular and all that jazz?

Nay, don’t think there are schools who allow that. I understand your rationale but you must go ahead and possibly work!

Excuse me! What do you mean by saying that there are no schools who allow that? Of course there are good management institutions who take students without prior work experience. In fact most of these institutions divide courses on the basis of work experience, like a certain course for students above 3-4 years of experience and another one for below 3 years..you know something like that.

Could you give me an example? But really good ones please! Because studying abroad is quite an investment and frankly the most critical thing for me right now is the ROI, what are the sort of returns that it will give in terms of placements. Even my parents are really concerned about it, hope you understand.

An MBA is not designed for people without work experience. If a business school pitches their MBA as a good degree for people without work experience, it will be a scam, I guarantee it.

Instead, if you don't have work experience and want to do a master's-level business course, there are Masters in Management degrees, many of which do not require work experience. In Asia, the masters in management programs that are ranked in the FT include these:

Shanghai Jiao Tong University - Antai
Tongji University
IIMA
IIMC

Ralph is right. Read http://www.ft.com/intl/mastersinmanagement

No top university will allow you to do that. Please research more and than try to figure out what you want, Thanks