This work mainly investigates the mean-square stability and stabilizability for a single-input single-output networked linear feedback system. The control signal in the networked system is transmitted over an unreliable channel. In this unreliable channel, the data transmission times, referred to as channel induced delays, are random values and the transmitted data could also be dropout with certain probability. The channel induced delays and packet dropout are modeled by an independent and identically distributed stochastic process with a fixed probability mass function. At the channel terminal, a linear combination of data received at one sampling time is applied to the plant of the networked feedback system as a new control signal. To describe the uncertainty in the channel, a concept so called frequency response of variation is introduced for the unreliable channel. With the given linear receiving strategy, a mean-square stability criterion is established in terms of the frequency response of variation of the unreliable channel for the networked feedback system. It is shown by this criterion that the mean-square stability is determined by the interaction between the frequency response of variation and the nominal feedback system. The role played by the random channel induced delays is the same as that played by a colored additive noise in an additive noise channel with a signal-to-noise ratio constraint. Moreover, the mean-square input-output stabilizability via output feedback is studied for the networked system. When the plant in the networked feedback system is minimum phase, an analytic necessary and sufficient condition is presented for its mean-square input-output stabilizability. It turns out that the stabilizability is only determined by the interaction between the frequency response of variation of the channel and unstable poles of the plant.