Measurements of the spectrum of sonoluminescence from an isolated bubble driven at 1 MHz are well fit by assuming thermal bremsstrahlung from a transparent 10(6) degree plasma. According to this interpretation, the photon-matter mean free path is larger than the light-emitting radius of a 1 MHz bubble, but smaller than the light-emitting radius for bubbles driven at approximately 40 kHz, thus accounting for the observed blackbody spectrum at 40 kHz.