A vocal booth is easier to deal with than one for drums or a mic'd amp. It needs to be pretty dead inside.
Isolation is keeping noise inside the room from getting out and noise from outside getting in.
Decay control and bass absorbtion deal with the sound that is in the room, how smooth the response is, and how long it takes it to decay to an inaudible level.
As was stated above, one can deal with the interior acoustics of the room pretty reasonably. Getting good isolation in a room is a matter of well thought out and executed construction techniques which provide structural separation, being relatively air-tight, and generally lots of mass on the walls/floor/ceiling.
An example of isolation would be to build a staggered stud wall so that the 2 sides do not share studs. Both sides of the wall would have 2 layers of drywall on them and the cavity in between would be full of insulation. Does this do anything to the acoustics INSIDE the room? Sure. It DECREASES the effectiveness of the walls to absorb around 125Hz but drops their resonant frequency to about 50Hz. BUT you have a MUCH lower noise floor to start with. Now you just have to control the extra bass inside the space - along with reflections and general decay times based on what the room will be used for.