See Toen Essen talk for an introduction, and conditions on a functor to be a scheme. Section 1.3 in particular.
http://ncatlab.org/nlab/show/functor+of+points
http://mathoverflow.net/questions/16832/functorial-point-of-view-of-spectrum-looking-for-reference
http://mathoverflow.net/questions/33070/functorial-point-of-view-for-formal-schemes
nLab page on Functor of points