We discuss the interpretation of the nucleon's polarized structure function {ital g}{sub 2}({ital x}). If the target state is represented by its Fock decomposition on the light cone, the operator-product expansion allows us to demonstrate that moments of {ital g}{sub 2}({ital x}) are related to overlap integrals between wave functions of opposite longitudinal polarizations. In the light-cone formalism such wave functions are related by the kinematical operator {ital scrY}, or light-cone parity. As a consequence, it can be shown that moments of {ital g}{sub 2} give information about the same parton wave function, or probability amplitude to find a certain parton configuration in the target which defines {ital g}{sub 1}({ital x}) or {ital F}{sub 2}({ital x}). Specific formulas are given, and possible applications to the phenomenology of the nucleon structure in QCD are discussed.