I submitted my AMCAS in late August of 2010. It was verified a month later in late September, and I completed secondaries from late September to early October.
The reason I applied late was that I was going through the prehealth committee at my undergrad school for my LORs, and it only met in April and September. I missed April.
In the roughly 15 schools I applied to, I was invited to 2 interviews, one in November and one in March.
The November interview was my top choice school, and I was waitlisted in November, very shortly after the interview.
Absolutely nothing at all happened from November to March, I just continued working multiple jobs and doing more research and clinical activities (I graduated in 2010).
When March rolled around, I went to my second interview. Before I found out any result from that, I was accepted off the waitlist from the November interview.
Anyway, it's possible for a later applicant to gain admission to med school, although in my case, it was a difficult and drawn out process. I'm now a first year med student at my top choice school, which is a state school in my hometown.
Stats were 3.66 and 33.