Home Depot does not carry Basswood. You need to find a Woodcraft store or a hardwood lumber supplier. But you can carve any wood it's just that some are easier than others. Cherry and Mahogany carve very well and I have seen some fabulous work done in Oak, Ash, Walnut. Basswood is preferred by chip carvers or anyone preferring to use a carving knife. Pine can be carved as long as your tools are sharp. Fine grain species will usually hold fine details the best, i.e. Cherry.
Those who say it cannot be done should stay out of the way of the people doing it.