Text (IN): Each player chooses from the lands he or she controls a land of each basic land type, then sacrifices the rest.
You sacrifice all lands other than the chosen ones. Since you can only choose basic lands, your non-basic lands are all going to be sacrificed (unless you have non-basic lands that also count as a basic land type, in which case you could choose them). [D'Angelo 2001/01/16]
If a land counts as multiple basic land types (for example, Taiga is both a Forest and a Mountain), you can choose it for either or for both of those land types. [Jordan 2001/02/12]