The usual pattern for a singleton class is something like
static Foo &getInst()
{
static Foo *inst = NULL;
if(inst == NULL)
inst = new Foo(...);
Your solution is called 'double checked locking' and the way you've written it is not threadsafe.
This Meyers/Alexandrescu paper explains why - but that paper is also widely misunderstood. It started the 'double checked locking is unsafe in C++' meme - but its actual conclusion is that double checked locking in C++ can be implemented safely, it just requires the use of memory barriers in a non-obvious place.
The paper contains pseudocode demonstrating how to use memory barriers to safely implement the DLCP, so it shouldn't be difficult for you to correct your implementation.