This is too long for a comment. So, I am writing here.
Let $(X,\mathcal{O}_X)$ be a ringed space. The idea is to localize the ring $\mathcal{O}_x$ for each open $x\in X$. Let $\mathcal{L}_x$ denote the localization of $\mathcal{O}_x$. Now one can ask if this collection $\{\mathcal{L}_x\}_{x\in X}$ form a sheaf on $X$??
Is this what you are thinking??
The idea is to localize the rings $\mathcal{O}_x$ but there is no obvious choice of prime ideals where we can localize. So, I think we need to fix a prime ideal $P_x$ in $\mathcal{O}_x$ for each $x\in X$. Then, we localize $\mathcal{O}_x$ at $P_x$ and call this $\mathcal{L}_x$. I am almost sure this collection $\{\mathcal{L}_x\}_{x\in X}$ gives a sheaf on $X$.
Universal property will then be depending on the choice of prime ideals $\{P_x:x\in X\}$.
The paper Localization of Ringed spaces by W. D. Gillam is relevant here. I will add more details soon.