I have learned the basic "procedure" for localizing a ring spectrum $R$ at a prime $p$, i.e. smashing with the $p$-local sphere $S_{(p)}$. Is this equivalent to applying $L_{S_{(p)}}$, the Bousfield localization functor, to $R$?
Localizing Ring Spectra at p as Bousfield Localization
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homotopy-theory
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1It turns out that Bousfield has a paper called "Localization of spectra with respect to homology" which is rather nice. – 2012-01-31