That's one definition of "species" (specifically, it's "the biological species concept"), but like all the other definitions, it doesn't work and does not correspond to most usage of the term. You can read modern genetic work discussing how homo sapiens interbred with hominids of other species. You can also observe how easily different species interbreed today, like wolves (canis lupus, obligatory pack animals) and coyotes (canis latrans, solitary).