Mixtures In Liquids

When two liquids totally mix they are said to be miscible.

An example of this would be alcohol and water.

When to liquids do not mix they are said to be immiscible.

An example would be oil and water:

When cooking oil is shaken in water it turns it milky. This mixture is called emulsion.

What is the difference between miscible and immiscible liquid? Can we call water and alcohol a miscible liquid?