Having a low GPA does make things tougher, especially when trying to get a job/internship from a company that does consider it or getting into graduate school. But it isn't impossible.
I graduated from UCLA with a BS in applied math almost 2 years ago, finishing w/a GPA of 2.3. And this is after being placed on academic probation twice while as a computer science major. Admittedly, a lot of it was my own doing (going out w/friends or playing video games instead of studying or doing my assignments), and I take full responsibility for it.
When I graduated, I tried finding a job, but it was extremely difficult. I didn't get anything until the following April (2003). And it wasn't anything related to what I wanted to do. I finally got a small job doing some web app programming in June of last year.
Currently, I am looking for work again after leaving in January from another job doing web programming. So the search will be hard, but it is difficult for everybody involved as employers are looking if you are confident, positive and able to do the jobs they are offering.