@Arun: Thanks! :)
@chocolat23: Thanks!

My AWA was 5.5. Will certainly take out some time to pen a few lines on the application process later this month.
@cracb365:Thanks!

As for my profile: 3 Years Fulltime workex (on matriculation) - 2 years in a top tier management consulting firm and 1 year in a high growth startup, B.Tech from IITB, started a venture while in college (which won various awards across the country and is one of the leading portal in its space), Independent Director in another technology startup, lots of business plan competition wins, 99.92% percentile in CAT 2007 (with an admission offer from IIMC), Got through Maths and Physics Olympiads at various levels.
I guess this is pretty much it. Regarding your other questions on recos etc. Will try to answer them in a separate post later this month. AWA is not very important - but try to get 4.5 or more
@nami_sharma: Thanks!:) It's a combination of hardwork and luck. MBA application process is very subjective.
@chandani13: I didn't really get your question. Graduates : Bachelors degree or masters? Nevertheless, you can get admissions as a fresher too, but A) It's very difficult and B) You won't really learn that much from your MBA. So it's better to be a bit patient and get some 2-3 years of workex and then apply. However you should give GMAT right away, as it's easier to score high if you are still in the "student mode"
Hope it was helpful.
Cheers!