Tell me if I'm right.

If I'm playing against an opponents isolated pawn, I want to block it by putting a piece in front of it, or occupying the square in front of it, then I want to trade as much material as possible decreasing the amount of defenders my opponent has, then I want to exploit it as an endgame weakness.  Is that correct?

Trade minor pieces, pin it with your queen and rooks. Advance a pawn and win it. Can't go wrong. ;-)

Alternatively, create bigger threats, so your opponent has no time to push that pawn! That part strongly depends on the position, but my point is that if you have a stronger attack going, don't automatically drop everything and run if you see a passed pawn. Evaluate the magnitude of each threat--yours, and your opponent's, then make your decisions.