Iâ??m an engineering 3rd year student, if my GRE score is 305 and I start building my profile now, like internships and increasing my aggregate, is it possible that I end up in the ISB YLP?

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With that GRE score it will be very difficult for you to get into ISB. But with the same score you will be eligible to get into some of the universities across the world. For ISB specifically you will require 320-325+ scores.
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Suggest Best Practise material.
The best practise material is verbal workout by kaplan especially the sections on typical questions asked in the exam especially the sentence equivalence and the text completions.
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How can I see where and when the test is offered in my region?
To check out test centres in your city check out prometeus which is the online testing partner for ETS.
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