Can there be a situation where over-regulation of a free capitalist economy lead to economic socialism?

With the recent economic downturn, there has been a lot of talk in the media about Glass-Steagall Act and the effect of its repeal in 1999. What happens if capitalism is unregulated? Can over-regulation change a capitalist economy to a socialist economy?
To disambiguate, I am asking this question concerning economies, or economic systems rather than political systems or forms of government.