If it is an isomorphism of $R$-modules, we have the exact sequence
$$
0 \to I \to R \oplus R \to R \to 0
$$
where $R \oplus R \to R$ is the map $R \oplus R \to (R \oplus R)/I \simeq R$. Since $R$ is a free $R$-module, it is also projective, hence this sequence splits ; this means we have an isomorphism $R \oplus R \simeq I \oplus R$. Since this means $I$ is a direct summand of a free module, this proves that $I$ has to be projective.
In the case of PIDs, since any projective module is free, we are done. In general, the implication "projective $\Rightarrow$ free" is false. It is also true in the case of a local ring (not easy to prove that projective modules over a local ring are free), so at least you can say $I_P \simeq R_P$ for all prime ideals $P \in \mathrm{Spec} \, R$ (since the localization of a projective module is projective over the localization ; this is an easy statement). Therefore, in full generality, I think the best statement you can get is that $I$ is locally free in the sense defined above ($I_P \simeq R_P$ for all $P$).
Edit : In the comments lies a sketch of a proof that if $R$ is a noetherian integral domain, then $I \simeq R$.
Second edit : Lemma 19.18 in Eisenbud's "Commutative Algebra with a view towards Algebraic Geometry" is what you want. The proof is easy if you assume that projective modules over a local ring are free. Thanks to user26857 for that, I learned something today!
Hope that helps,