Would Isolationism work today?

Looking at the presidential candidates, and all of the grafiti that has recently been posted about Ron Paul and his political views, does anyone think that a Libertarian stance on foreign policy would work in the world today? I think some aspects of it would be awesome (read rediculously Lassez Faire govornment) and the fact that they believe in a more isolationist and America First orientated foreign policy seems like a good idea (in theory). I think that some of the proposed ideas would fail miserably, but what is the worst, four years of something sucking? To have any sort of chance in not bogging ourselves down in a way of thought (more so) we need radical change to aid in finding a happy medium. I think that is what some of these things would do (this is jsut a brief overview of a few views/ideas), too. Still--their enviromental policy blows really hard (leaving corporations to police themselves), but for the most part, this stuff seems good on the (very) limited reading I have done on Ron Paul and the other candidates.