In one of the very first sentences in Hovey's "Model Categories", Ist chapter, we read that
One can always invert these "weak equivalences" formally , but there is a foundational problem with doing so, since the class of maps between two objects in the localized category may not be a set.
I thought that in a model category fibrations and cofibrations provide an explicit description of weak equivalences and how to invert them - but it seems that there is more stuff going on. So can someone provide me an example with a category with weak equivalences, such that the class of maps between two objects in the category with formally inverted weak equivalences is not a set?