Check out this article on MSDN IsolatedStorageSettings.ApplicationSettings Property as it clearly state
Gets an instance of IsolatedStorageSettings that contains the contents of the application's IsolatedStorageFile, scoped at the application level, or creates a new instance of IsolatedStorageSettings if one does not exist.
so it is not possible to create more then one instances of IsolatedStorageSettings
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For IsolatedStorageFiles
, There is a pretty comprehensive example at the msdn page for dealing with it. IsolatedStorageFile Class