Opening theory refers to a set of moves that are well known and publicised. For example. The French Defence Advance Variation arises from the move order. 1.e4 e6 2.d4 d5 3.e5 The move e5 advances the pawn on e4 thus it is named the 'advance variation'.
With your question on a system, this refers to a series of moves that arrive at the same position regardless of what the opponent plays (under reasonable circumstances) and can arise from varying move orders.
"Stay away from the Sicilian. There's loads of theory" means that professional chess players and theoreticians has concluded that a certain amount of moves are the best or a playable in the position. Of course theory can be prepared by the individual for example some one may find a new move in the theoretical position and analyse it thoroughly. The Sicilian Defence is very popular at top level and as such, many people have contributed to it's opening theory, making it highly theoretical.
Could someone give a definitive definition of theory as it applies to openings?
I hear it used as people describe openings. Things like:
"We're still in theory"
"This move is part of a system. There's no theory"
"Stay away from the Sicilian. There's loads of theory"
I'm assuming it means a particular move is theoretically sound as opposed to being arbitrary or speculative, but I'm probably wrong.
What's a concrete and easy to understand definition, because it's bugging me that I don't quite get it.