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Both the spatial fading correlation and keyhole effects can reduce the performance of multiple-input multiple-output (MIMO) wireless channels. A comprehensive performance analysis of orthogonal space-time block codes with receive antenna selection in the presence of spatial correlation at the receiver and keyhole effects is presented. Assuming one best receive antenna that maximises the instantaneous received signal-to-noise is selected and using ordered statistics, a closed-form expression and an upper bound for the bit-error rate (BER) performance of spatially correlated MIMO channels are derived. The outage probability analysis for spatially correlated MIMO channels is also presented. Furthermore, an approximated BER performance formula for the keyhole MIMO channels is derived. Finally numerical results to verify the analysis are presented.