I asked this question(Characterization of a vector space over an associative division ring). It was pointed out that the answer was negative. So I reconsidered the problem and have come up with the present one.
According to Wikipedia(http://en.wikipedia.org/wiki/Projective_geometry#Axioms_of_projective_geometry), the axioms of projective geometry due to A. N. Whitehead are:
G1: Every line contains at least 3 points
G2: Every two points, A and B, lie on a unique line, AB.
G3: If lines AB and CD intersect, then so do lines AC and BD (where it is assumed that A and D are distinct from B and C).
Now let $V$ be a vector space over a field $K$. We denote by $P(V)$ the set of one-dimensional subspaces of $V$. If $V$ is finite dimensional, this is the usual definition of a projective space over $K$. We say a two-dimensional subspace of $V$ a line of $P(V)$. Then points and lines of $P(V)$ satisfy the above axioms(see Whitehead's axioms of projective geometry and a vector space over a field)
Conversely let $M$ be a faithful left module over an associative ring $R$ with unity. Suppose $M$ satisfies the following conditions.
1) It has a composition series.
2) For every submodule $N$ of $M$, there exists a submodule $L$ such that $M = N + L$ and $N \cap L = 0$.
Then every submodule $N$ has a composition series. We call its length the dimension of $N$ and denote it by dim $N$. Let $P(M)$ be the set of one-dimensional submodules of $M$. An element of $P(M)$ is called a point. We say a two-dimensional submodule a line of $P(M)$. Then it is clear that $P(M)$ satisfies Axiom G2. It is not difficult to see that it also satisfies Axiom G3(see the answer to aforementioned question).
Now we add the following conditions on $M$.
3) $P(M)$ satisfies Axiom G1.
4) dim $M \ge 3$.
If $M$ satisfies the conditions 1), 2), 3), 4) is $R$ necessarily a division ring?
I haven't actually checked to see if this works but it seems that the $\mathbb{Z}$-module $\mathbb{Z}/2\mathbb{Z}\oplus\mathbb{Z}/2\mathbb{Z}\oplus\mathbb{Z}/2\mathbb{Z}$ might satisfy these conditions.