As far as the top MBA programs in the US are concerned, with a GPA of 2.9 and a GMAT of 640 it wll be difficult to secure admission.

The average GPA for the top US schools hover around 3.5, with UCLA on the high side (3.6) and Stern on the low side (3.4). The average GPA of first year MBAs at Harvard last year was 3.5.

The average GMAT scores among US citizens rose more than five points last year, and twenty points since 1995.

Average GMAT scores from top business schools:

Schools Score
Stanford 725
Columbia 725
MIT 700
Wharton 691
Chicago 690
Harvard 690

http://education.yahoo.com/college/essentials/articles/biz/bschool-admissions.html

For UK business schools see this thread: http://www.find-mba.com/board/2545

Many UK MBA programs require a GPA of at least 3.0, but there are some accredited programs (such as Surrey) that will accept you with a US GPA below 3 (Surrey: 2.7, see http://www.som.surrey.ac.uk/student/mba/mbaFAQ.asp)

Thank you so much for your comments. But what if i work on my GMAT and try to bring it up to 700 as i have only did it once up till now. I believe if i put more time into it i can bring it to around that score. Would that some how cover for my low GPA? would it increase my chances?
For example, i saw the stats for George Town University. The GPA range was from 2.8-3.4 and GMAT was around 650 i think. If i get a GMAT that is higher than the school average, would that help me as it might show that i am in fact capable of handeling the work?

Your comments will be most appreciated