Localization of a ring $R$ at a multiplicative subset $S$ gives a (smallest) ring $S^{-1}R$ and a map $R\to S^{-1}R$ such that each $S$ has an inverse in $S^{-1}R$.
For simplicity just consider the monoid structure of $R$; recall that this corresponds to a category $BR$ which has a single object and whose unique hom-set is $R$. Then $S$ being a multiplicative subset means that it's a subcategory of $BR$. The localization $S^{-1}R$ is the smallest (in a sense) category $R$ with a functor $\gamma:BR\to S^{-1}R$ and such that each $s\in S$ is an isomorphism in $S^{-1}R$.
On the other hand, size issues aside the localization of a category $C$ at a subset $W\subset \text{Mor}(C)$ always exists (it doesn't have to be a subcategory).
So I wonder if this means that the localization of a ring exists for any subset of it, rather than only for multiplicative subsets, and if so if there is an elementary construction for it.
Thanks in advance.