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Isopropyl alcohol is also called 2-propanol. Some other names of this alcohol are IPA and rubbing alcohol.
Containing not more than 72% and not less than 68% of isopropyl alcohol, rubbing alcohol is best used as an antiseptic. The major difference that you can find in more pure forms of isopropyl alcohol and rubbing alcohol is that rubbing alcohol has denaturants and this makes it distasteful for consumption.
You need to add 1 part of water to the exact 2 parts of 99% isopropyl alcohol to form 75% alcohol.