Methods, systems and data structure are described for implementing local isolated DLL and/or COM components. A version of a shared component is stored in a local directory with an application that uses that particular version. Another version of the shared component exists on the system and is useable by any number of other computer programs. A local file is created in the local directory that indicates the presence of an isolated version of the shared component. When the application calls the shared component, the system uses the isolated version of the shared component stored locally with the application program. Thus, specific versions of components may be provided to a calling application without making any code changes to the calling application or to the Component to which the calling application is bound.