Yes, this is one of Patons' "sock yarns," 4-ply worsted weight. It's quite reasonably priced at marymaxim.com, here's that link.

The overall hose pattern is from Calancraft's "knit-along" group -- here's a link if you're interested. She is about to release a cable pattern; you can purchase the pattern only or also get wool from her.

The basketweave idea came from a pattern shown in the Knitting for Dummies book (OK, I've been outed, I'm a knitting dummy!). They showed a 3 x 5 pattern which I enlarged to 5 x 7, I can post those row counts if you wish.