Well, the answer to this question is just convention. Usually if you say a particle (and I consider only massive particles here) has a certain spin, what's meant is the representation of the rotation group on zero-momentum states. The representations of the rotation group, or rather its covering group SU(2), are fully determined by the commutation relations of angular-momentum components. Written for the spin operators, they read
$$[\hat{s}_i,\hat{s}_j]=\mathrm{i} \epsilon_{ijk} \hat{s}_k.$$
Here ##\epsilon_{ijk}## is the Levi-Civita symbol (totally antisymmtric in its indices with ##\epsilon_{123}=1##), and Einstein summation convention over pair-wise equal indices implied.
From this you can easily see that all ##\hat{s}_i## commute with ##\hat{\vec{s}}^2##. Thus each irreducible representation of the angular-momentum algebra is characterized by the eigen-value of ##\hat{\vec{s}}^2##. One calls such an operator a Casimir operator. The rotation group has only this one Casimir operator, and that's why you need only one number to characterize each irreducible representation. It turns out that the possible eigenvalues of ##\hat{\vec{s}}^2## are ##s(s+1)## with ##s \in \{0,1/2,1,\ldots \}##.
Further each representation is spanned by a complete set of eigenvectors for each ##s##, which can be specified by being additionally eigenvectors of one spin component. Usually one chooses ##\hat{s}_3##, and it turns out that for given ##s## the possible eigenvalues of ##\hat{s}_3## are ##\sigma \in \{-s,-s+1,\ldots,s-1,s \}##.
Now indeed the spin of the nucleons is ##s=1/2##, and consequently the 3-component of its spin can take the values ##\sigma \in \{-1/2,1/2\}##. The spin space is two-dimensional and provides the "fundamental representation" su(2) of the angular-momentum algebra. By exponentiation you can lift this representation to the fundamental representation of the grou SU(2), which is the covering group of the rotation group SO(3).