Would applying for college late hurt my chances of getting into a good college?

I am graduating high school in June 2012. Most people graduating that year would apply for college in December of 2011, but I want to take a couple of AP exams and maybe boost my GPA in the last 5 months of that year. Would waiting until December 2012 to apply, would it hurt my chances of getting into a good college?
I mean the December of the following year I graduate!

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