Let $X$ be a scheme over a ring $S$, and $F$ some quasicoherent sheaf on $X$. The "functor of points" says that we can think of $X$ as the functor representing all of the $R$-points, for $R$ an $S$-algebra. This recovers the classical point of view, since it expresses the scheme as something which is locally the solution set to some equations over an $S$-algebra. Here locally means open subfunctors, and being a solution to some equations over $R$ would be like the $R$ points of $S[x_1, \ldots, x_n]/(f_1, \ldots, f_m)$
I would like to understand how quasicoherent sheaves fit into this point of view. The natural guess is that they arise as compatible families of things which are locally modules over these sets of $R$ points. But precisely what functor to SET do they represent? It no longer makes sense (I think) to ask about morphisms from $Spec R$ to the quasicoherent sheaf $F$ on $X$.
One could consider the pullbacks, for each $R$ point $f: Spec R \to X$, we have the $R$ module $f^*(F)$. The equation $(f \circ g)^* \cong g^* \circ f^*$ suggests that this almost works, expect that this equation isn't literally an equality (I have heard that this causes problems). This gives just the fiber of $F$ over each $R$ point.
Is that the right thing to think? What is?
(I hope I am making sense.)