Dumb? Come on now man.
Sadly a GMAT wont get you into business school.. it can break you, but not make you.
I'm not sure what school you are looking at, but if you are trying to go top 5.. or even top 10.. you need to have a STRONG undergrad gpa from a top tier school to go along with your 700+ GMAT.
I've got a friend with a 750 who has been denied from every school he applied too... his undergrad gpa was 3.2 or so.. and his work experience right now is light (3 years).
Setting yourself apart in some way really heps.. starting your own business, or doing something innovative career wise between the time you graduate undergrad and apply for Business School REALLY helps.
I haven't gone to business school (yet) instead I went and got a technical master's degree (telecommunications) because for my career right now that is what I needed. I'm taking a break from school for now.