Of course there is hope of getting into music school. I was playing a bad Fantasie-Impromptu at 16 and I got the right teacher, who got me into IU School of Music playing Chopin Scherzo no. 1, Chopin Black Key Etude, Gargoyles, Bach Bb Prelude and Fugue, and Pathetique. If one has the right guidance and works hard enough, I think that great things can happen in a short amount of time. I don't want to dwell on myself, but I think I've found this a lot in the last couple of years - my first year of school I was playing a Chopin Nocturne and Beethoven Tempest sonata; I just played a recital (a year later) of Appassionata, Mephisto Waltz, Brahms b minor rhapsody, and Chromatic Fantasy and Fugue.
I suggest that you do plenty of etudes, scales every day, and find a very good teacher. What area are you in, geographically?