Subrings of fraction fields Let $R$ be an integral domain and let $S$ be a ring with $R \le S \le \text{Frac}(R)$ (fraction field). 
Question: Is there a multiplicatively closed subset $U \subseteq R\setminus \{0\}$ such that $S=R[U^{-1}]$ ? 
 A: I've shown here that the ring $S=K[X]+YK(X)[Y]$ is not noetherian. Note that we have $K[X,Y]=R\subset S\subset Q(R)=K(X,Y)$. Since $R$ is noetherian, $S$ can't be a localization of $R$. 
A: Let $U$ be the multiplicative set $\{r\in R\mid \frac 1r\in S\}$, which is the "obvious" (and maximal) candidate. Then clearly $R[U^{-1}]\subseteq S$. But is $S\subseteq R[U^{-1}]$?
Can we conclude $\frac1b\in S$ from $\frac ab\in S$?
Note how we would e.g. conclude $\frac13\in S$ from $\frac23\in S$: We'd use $2\cdot \frac23-1=\frac13$. Such is not possible in general.
Let $R=\mathbb Z[X]$ and $S=R[\frac X2]$.
Then if we assume $S=R[U^{-1}]$, there must be $g\in U$, $f\in R$ such that 
$\frac X2=\frac fg$, i.e. $2f=Xg$. Since also $\frac 1g\in S\subseteq \mathbb Q[X]$, necessarily $g$ is constant, i.e. $g=2k$ with $k\in\mathbb Z\setminus \{0\}$. but $\frac1{2k}\notin S$ because the image of the homomorphism $S\to\mathbb Q$ induced by $X\mapsto 0$ is in $\mathbb Z$.
A: Another class of counterexamples (to which Martin's example belongs to) is: 

If $R \lneqq S \le \text{Frac}(R)$ is finitely generated as $R$-module, then $S$ is no localization of $R$.  

Proof: Suppose $S=R[U^{-1}]$ is generated by $s_i \in S\;(i=1,\ldots,n)$. By taking a common denominator, we can write $s_i=r_i/u$ with $r_i \in R, u \in U$. Thus $S$ is generated by $1/u$ over $R$. Therefore we find $r \in R$ such that $1/u^2=r/u$, i.e. $1/u=r$ is a unit in $R$. This yields $S=R(1/u) = Rr=R$. q.e.d. 
In combination with BenjaLim's comment we obtain the corollary:

If $R$ is a PID, then no ring $R \lneqq S \le \text{Frac}(R)$ is finitely generated over $R$.  

A: There are lots of examples arising from integral closures. For example, $k[x^2,x^3] \subseteq k[x]$ with field of fractions $k(x)$ is no localization since $k[x^2,x^3]^* = k^* = k[x]^*$.
