Will a bad semester ruin your chances at good colleges?

Both semesters of my freshman year and the first semester of my sophomore year I had okay GPA's. They were 3.33, 3.5 and 3.0. However, the second semester of my sophomore year didn't go so well and I ended up with a 2.7. Is there a way to recover from that? And, if so, what is the best way to go about doing it?