As far as I know there is no way to do that other than selecting certain frequencies and cutting out the rest. But most instruments overlap too much to do it with any great amount of precision. Or there are ways that you can cut out or isolate certain parts of the stereo field, so if you were trying to cut out the vocals, you can just cut out the center of the field (assuming the other instruments are at least partially panned to one side).
But unless im completely mistaken, you aren't going to be able to isolate instruments without either including others or really damaging the sound.
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