lovezebs Not quite that easy, but almost. You will need to feed the larvae and the beetles, I use slices of potato or carrots. The pupa don't eat, they are like in hibernation (sure there is a better term for it, just can't think of it right now).
I like to use those 3-drawer systems from Sterlite, not too big, each drawer is something like 12x12x3", so small enough to set on a shelf. That way, you can have several farms going at once.
You can start with large mealworms from the pet shop, one little container will be enough. Put those in one of the drawers with bran or oatmeal (not instant), about 1 or 1 1/2" deep. These large sizes won't take too long to pupate. Once they turn into beetles, they will start laying eggs in the bran. Keep feeding these beetles, and they will start to die off. Once they are all dead, remove the dead bodies, and now you can ignore that drawer for a couple of weeks.
Now you can get another container of large mealies from the pet store and start the process in a second drawer. Eventually, you reach the point where you don't have to buy large mealies, you just save some of your little ones, put them in a starter drawer, and let them grow up and start the process all over again.
As KarenB has said, if you keep them in the basement, they won't grow and reproduce as fast. The warmer the temperature, the quicker they will grow, which is why we put mealies that are the perfect size for feeding into the refrigerator, to slow down their growth.