Lake Isabel is a favorite vacation spot in the southern Wet Mountains. The site is pretty well developed with several picnic areas, a campground and several parking areas scattered around the lake. There's also a number of private vacation homes on the north shore, and cabins you can rent at "the Lodge." There is also a pretty vigilant "campground host" present to watch over everything and make sure all required fees are paid (hint, hint).
The watersports seem to lean more toward boating and fishing with several boat docks in evidence, some with paddle boats for rent. The fishing is also very good, especially if you are looking for rainbow and German brown trout. As you can see, the views are pretty spectacular, too.
A couple of anglers taking advantage of sunset
Looking west up the canyon and into the mountains
Looking west across the lake from the dam