To answer the OP, not that I'm an expert, but I would think that if admissions could make a decision without your grades, they would, otherwise they would waitlist you so they could see your last semester grades if you were a borderline case.
I actually delayed applying for a year because I knew I'd be able to raise my GPA. I didn't do as well my freshman year, had two good years, and needed senior year for an extra boost. Turned out to be a good choice. I got a 4.0 all three quarters (a little more one quarter because A+'s count extra), to finish off with a 3.8ish. So if you think you can have significant improvement, it's worth delaying. But if it's just one semester, apply with your current grades, and send updated transcripts, as Gummo said.