In the commutative case, yes.
By the universal property of the localization, since the composition of the canonical embedding and the quotient map
$$ R\hookrightarrow R[x_s]\to R[x_s]/I$$
maps $R$ to a ring in which each $s\in S$ has an inverse, then we obtain a map $S^{-1}R\to R[x_s]/I$ that maps $\frac{r}{s}$ to $rx_s + I$.
Conversely, the universal property of the polynomial rings says that there is a unique ring homomorphism from $R[x_s]$ to $S^{-1}R$ that maps $R$ to itself identically, and sends $x_s$ to $s$. This map factors through the ideal generated by $sx_s - 1$, since these elements map to zero, giving a homomorphism $R[x_s]/I \to S^{-1}R$ given by $r+I\mapsto \frac{rt}{t}$ (for an arbitrary element $t\in S$) and $x_s+I\mapsto \frac{1}{s}$. The maps are inverses of each other, so they are isomorphisms.
The argument does not work in the noncommutative case (and the isomorphism is not true, because that would require $\frac{1}{s}$ to be centralize $R$, which is not usually the case); but if you take the appropriate "polynomial ring" (in noncommuting variables) then the same argument works; but you need to add $x_ss-1$ to your ideal generating set as well if you want your $s$ to be "truly" invertible; remember that in the noncommutative case, $sx_s = 1$ does not imply $x_ss=1$.
Added. The answer, as does Mariano's, in the noncommutative case, assumes that there is a ring of fractions of $R$ by $S$. The definition of such a thing is somewhat delicate (for example, you must specify on which sides the "denominators" act; for your ideal, they would have to be "right denominators"),and the object does not always exist. If it exists, it will be isomorphic to the quotient you give by the use of the appropriate universal properties, just as above. But if you don't have an appropriate "ring of fractions", then the non-commutative polynomial construction does not give a true "ring of fractions", just some other structure.
You might also want to be careful about what "the ring of fractions exists" means. It may mean a ring into which $R$ embeds and in which all elements of $S$ have inverses, in which case it may be being assumed that the elements of $S$ are not zero divisors. With noncommutative rings, even with elements that are not (one-sided) zero divisors, you may collapse the ring when trying to adjoin those inverses, which would then be refered to as saying "there is no ring of fractions" (see the paper by Cohn linked to by Bill Dubuque, where after showing there is always a "universal" ring where the elements of $S$ have inverses, he notes that the interest is in having $R$ embed into such a ring). As I recall from hearing talks by noncommutative ring theorists, they usually talk about embedding $R$ into a "ring of quotients" trying to invert all nonzero-divisors, and this is not always possible; so the problem referred to may simply be that you get some collapse.