When I first began carving I bought the densest poplar I could find at the Big Box store. It is a poor substitute for maple, but it is inexpensive and one can learn a lot on it. Mike is right about shaping your practice wood as carving on a curved surface is really different. You will find that there a lot of approaches to carving, everyone does it a bit differently. As for tools it is the same deal, different carvers, different tools used. You will want a couple of flat chisels and some gouges, you actually don't need a whole tool chest filled with every known gouge. I bought gouges as I felt I needed them, several #3 sweeps in different widths, a #5 in 1/4 inch, a skew chisel. As I worked I added what I thought would help. Stay away from so-called "carving kits" as those gouge kit contain mostly what isn't moving off the shelves, the stuff no one buys, so you end up with one gouge that is useful and a handful that aren't. Buy individually according your perceived need. Carving tools are expensive, yes, but they will last a lifetime if treated right.
Don't overlook eBay as a source, there are sometimes bargains to be found. It happens because the children of some woodwork put his tools up for sale, or they discover grandfathers old tool chest and decide to turn the contents into cash. I bought almost all my hand planes off of eBay, bought the ones in dire need of restoring and did whatever they needed to be put back in service.
Good luck with your carving, keep at it and keep your pencil sharp, it is the tool you'll use the most. Below is a pix of what I ended up with as my carving tools...
dave
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