When building extension modules of Python 2.7.4 through Modules/Setup.dist, the socketmodule gets built badly, as it also needs to be compiled with timemodule.c (see the attached patch).
This was caused by commit 8ec39bfd1f01, which introduced usage of _PyTime_floattime() without fixing Setup.dist (note, that this is ok when compiling through setup.py, as it has:

exts.append( Extension('_socket', ['socketmodule.c', 'timemodule.c'],