Institutional Action -- "Theft"

Well, danggit. What an awesome way to end my semester.

I got an IA (probation) for an incident that happened two weeks ago. I took a pair of headphones from a lost-and-found box in one of my classes. The headphones were in there for over a month so I took them. Not trying to excuse my actions, but to me it seemed like a victimless act. Nevertheless the instructor saw what I did and emailed me after class saying that I will get reported to the Dean of Student Conduct. A week later had a "hearing" with the Dean before getting put on probation.

The official charge that I got reads something like "theft, forgery, the unauthorized use of or causing damage to property of any type..."

I'm a junior and applying in the summer. 3.74 gpa, 511 MCAT (September exam), typical EC's, 2 years research (3rd author on one paper). Before this IA I was a typical applicant but now I've morphed into pre-medical backwater. I am in complete shock, I know this sounds bizarre but I don't think I've experienced this type of nihilism since my uncle passed four years ago.

Can I please get advice regarding the following matters:

1) How big of bullet did I lodge into my foot? i.e., say I had a 70-80% chance of matriculating somewhere based on the snapshot stats I gave above, how much is that chance at now? (give a best guesstimate if you can)

2) What steps should I take from now to remediate my image?

3) What, if any, medical schools value personal redemption? (this is my only red flag AFAIK).

Thanks

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Institutional Action -- "Theft"