This is from dictionary.com, since everybody has access to it.
1. a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
2. procedure or practice in accordance with this theory.
3. (in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles.
This is why fire departments, schools and police are not accurate examples of socialism, because private fire departments, schools and security organizations exist, and are not prohibited from doing so.
Effective regulation and oversight are also not exclusive to socialism, because a focused, effective (but very limited) government is essential to a capitalist system.
I do not believe in this system at all, because it falls well outside of what I believe to be the legitimate role of government. Its important to remember that government doesnt control THINGS, it can only control PEOPLE, so when you say you're ok with government controlling production and distribution, etc, you're saying your're ok with government controlling people in order to accomplish those goals. Note that nowhere in the definition does it say whether that control is compulsory or voluntary.