SET TRANSACTION ISOLATION LEVEL 

SET TRANSACTION ISOLATION LEVEL
    { READ UNCOMMITTED
    | READ COMMITTED
    | REPEATABLE READ
    | SNAPSHOT
    | SERIALIZABLE
    }
[ ; ]

          READ UNCOMMITTED

Specifies that statements can read rows that have been modified by other transactions but not yet committed.

READ COMMITTED

Specifies that statements cannot read data that has been modified but not committed by other transactions. This prevents dirty reads. Data can be changed by other transactions between individual statements within the current transaction, resulting in nonrepeatable reads or phantom data. This option is the SQL Server default.

REPEATABLE READ

Specifies that statements cannot read data that has been modified but not yet committed by other transactions and that no other transactions can modify data that has been read by the current transaction until the current transaction completes.

SNAPSHOT

Specifies that data read by any statement in a transaction will be the transactionally consistent version of the data that existed at the start of the transaction. The transaction can only recognize data modifications that were committed before the start of the transaction. Data modifications made by other transactions after the start of the current transaction are not visible to statements executing in the current transaction. The effect is as if the statements in a transaction get a snapshot of the committed data as it existed at the start of the transaction.

SERIALIZABLE

Specifies the following:

• Statements cannot read data that has been modified but not yet committed by other transactions.
• No other transactions can modify data that has been read by the current transaction until the current transaction completes.
• Other transactions cannot insert new rows with key values that would fall in the range of keys read by any statements in the current transaction until the current transaction completes.
  
  
  

http://msdn.microsoft.com/en-us/library/ms173763.aspx

Only one of the isolation level options can be set at a time, and it remains set for that connection until it is explicitly changed. All read operations performed within the transaction operate under the rules for the specified isolation level unless a table hint in the FROM clause of a statement specifies different locking or versioning behavior for a table.