New in Softimage 2011 Subscription Advantage Pack
IsolateAddSelected( [View] )
Add selected objects to the isolated objects in the specified view.
IsolateRemoveSelected( [View] )
Remove thet selected objects from the isolated objects in the specified view.
IsolateToggleSelection( [View] )
Toggle the isolation state of the selected objects.
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And getting the isolated elements?
There’s no way to that, that I know of.