From a social perspective, I guess socialism could work, that's less my area.
Purely economically, it would be impossible to maintain a purely socialist system without SERIOUSLY taking away civil liberties, and you'd have to be able to control birth rates and other wacky things to stabilize the work force and inflation.
complete control of demand systems could theoretically be done, though it's implementation is currently well beyond us, and it'd require destroying 100% of any non-necessary items.
control of supply systems would require a manipulation of all levels of factors of production, and for pure resource allocation you'd need constantly progressing technological output
Now, this is more communist than purely socialist, however if you create a socialist government and expect the economy to work: no. Pure communism MIGHT work, though the moral detriments are huge.
socialistic elements are implemented into society, though America is still FAR more capitalist than socialist, even our schools and healthcare have competition, and the drive is for MORE of that. human nature more accurately reflects competition than altruism, as altruism from an evolutionary perspective is derived from very close genetics (and isn't even in theory a great selective force)
Socialism may sound good to some, but the phrase "it looks SO good on paper" is very unfounded, as anyone who has even a slight knowledge of a purely socialist system will see it either will A. fail or B. take away basic rights