Glancing around various blogs, I've been amazed at how little folks really understand about Socialism. For the past 70 to 80 years, easily enough time to brainwash virtually the entire voting base, we've heard this term used more as an epithet than as a word describing a political and economic movement. With McCain bandying the term "Socialist" around repeatedly to describe a simple comment by Obama about "spreading the wealth," he's showing that even he has no idea what Socialism really is.
So, I'll make it as simple as cake. Socialism is an economic system in which the government provides your services and housing, to a lesser or greater degree. Basically, it's a single-payer system for your rent, utilities, health and education benefits, public protection, and partially, transit services. Everyone pays into a big pot with their taxes, and everyone gets those services back in return. In some Socialist countries, there are strict limits on maximum and minimum wages. The US government has a lot of socialist elements and has had many of them since the establishment of the nation. The advantage of this is when everyone pays in, it keeps the costs down for everyone, and you can vote out an official who does a poor job of managing your various utilities. (You can't really do much about either if it's privatized.) Nothing about Barack Obama's platform is even close to that. He's not even proposing a single-payer health system, for crying out loud!
To call Barack Obama's economic campaign Socialist is laughable and shows a lot of ignorance. Obama's talking about restoring the same progressive tax system that existed under Bill Clinton. He's not even going as far as Lyndon B. Johnson or John F. Kennedy -- they taxed the rich so much it would make your jaw drop. And they certainly weren't members of the Socialist Party, which essentially shriveled up and disappeared during their administrations. Obama simply understands business. When ordinary folks have money, they go out to restaurants, movies, buy Christmas gifts, and spend that money right here at home. When you give money to rich folks, more of their money goes to other countries -- for imports and fancy vacations.
Remember, vote straight Democratic, and vote as early as you can. Check with your local Democratic organization about ballot measures and vote Democratic. The Republican Party has a massive festering wound that's been untreated for 30 years. That wound has caused its members to go completely insane, wandering way off to the extreme right while calling everyone else Socialist without really understanding what the term means. They're too proud to get that wound treated, they just need to be soundly and completely defeated.