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I pretty much understand the view of localizing using a calculus of fractions and spans/cospans/"roofs". However, it seems like often it's more useful to look at things using an explicit formula for the Hom. The article [[calculus of fractions]] has a formula, but it's rather unclear. The formula, in the case of a calculus of right fractions is:
What isn't clear to me here is:
Okay, so it looks like:
Specifically, the colimit consists of a morphism (identifying the component) and a morphism (the content). Two elements are identified when there is a morphism (any morphism) from X' to X'' so that the diagram commutes; this is extended to zigzags but you only have to check spans because the Ore condition means any zigzag has at least one corresponding span.