I'm going to have to agree with valueofnothing: if you want a PhD make it a full time commitment. You should be wiling to give up years of salary and be ready to live off a stipend if that's the life you decide to pursue. I'd study a few months for the GMAT ,and try to get into the very best program you can. Doing something like this on-line, while working doesn't seem like a great idea. If you are going to make a career out of academia, "fancy name" and reputation is everything. Then again, the decision is ultimately yours, but you should go into it eyes wide open.
By the way value, what year did you graduate? I'm also a Nittany Lion :)
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