Could anyone tell me the possibility for me getting into an Ivy League MBA? I am from a top ten Uni in UK but with a lower second class degree with a GPA of 3.2, GMAT score of 710. I am considering doing a graduate degree just because of the low GPA.

Not necessary - although your scores are on the low side of accepted applicants for Ivy League schools, you're still in the game. Check out the stats for the current crop at some Ivies:

Yale:
Average GMAT: 715
80% range of GPA: 3.12-3.84

Columbia:
GMAT Middle 80%: 680?760
GPA Middle 80%: 3.1?3.8

Harvard:
Average GMAT: 700
Average GPA: 3.5

So, your profile is relatively in the range for these schools. This being said, your application will hinge on the other two factors: work experience and the letter of intent. For work experience, you want to show at least two (or ideally 3-4) years of increasing responsibility in your position. Your letter of intent should be concise, error-free, and tell the story about why you want to get an MBA.