is it possible to create a hover effect where an image is shown, but when the cursor is over it, it switches to a different image.
Yes but you don’t do it with an image. Use a Div bric, give it a class, in the class set height, width and background image values. Now change the hover state of the class background image property to another image. When mouse is over it will switch to another image.
Just remember that some devices don’t have a hover behaviour.