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We analyze the performance of multiple-input multiple-output (MIMO) systems employing orthogonal space-time block codes (STBC) combined with receive antenna selection in Nakagami-m fading channels with possible spatial correlation at the transmitter-side. We derive exact analytical closed-form expressions for the system capacity as well as the average symbol error rate (SER) in case of M-PSK and M-QAM modulation, respectively. Furthermore, we determine the corresponding high SNR asymptotes, which are significantly simpler than the exact results while providing important insights into the SER performance at high SNRs. Finally, we compare the performance of our system with the performance of a full-complexity system without receive antenna selection as well as a single-input multiple-output system with selection combining and we verify the validity of our analytical results by means of Monte-Carlo simulations.