First and foremost, way to make a comeback! That, to me, shows that if you put your mind to doing something, you can do it and, most importantly, do it well.
I can't speak to what the school will or will not look at, since every school's policies vary so widely. I would suggest contacting the nursing schools that you would be interested in attending (or checking on websites, etc.) about their specific policies. Maybe attend an open house where you can get some information and speak to someone (casually) if you have any questions that the materials don't address.
Also, I would check to see if you are eligible for any kind of academic forgiveness for your less-than-desirable grades. I have a previous BS and I am currently taking pre-reqs at the CC where I attended before transferring to a 4-year school. I had an undesirable grade from my first semester at the CC and was able to get that grade forgiven because I had much better semesters after that. It still shows up on my transcript, but the grade is no longer calculated in my cumulative GPA (which, btw, is what my prospective nursing school uses).
Finally, when you go to apply, I would include a cover letter explaining your situation in a little more detail. Nothing too lengthy, just something to explain the previous grades, and to convey your new-found academic discipline and passion for nursing.
Good luck! :)