Several popular language models represent local contexts in an input text $x$ as bags of words. Such representations are naturally encoded by a sequence graph whose vertices are the distinct words occurring in $x$, with edges representing the (ordered) co-occurrence of two words within a sliding window of size $w$. However, this compressed representation is not generally bijective: some may be ambiguous, admitting several realizations as a sequence, while others may not admit any realization. In this paper, we study the realizability and ambiguity of sequence graphs from a combinatorial and algorithmic point of view. We consider the existence and enumeration of realizations of a sequence graph under multiple settings: window size $w$, presence/absence of graph orientation, and presence/absence of weights (multiplicities). When $w=2$, we provide polynomial time algorithms for realizability and enumeration in all cases except the undirected/weighted setting, where we show the $\#$P-hardness of enumeration. For $w \ge 3$, we prove the hardness of all variants, even when $w$ is considered as a constant, with the notable exception of the undirected unweighted case for which we propose XP algorithms for both problems, tight due to a corresponding $W[1]-$hardness result. We conclude with an integer program formulation to solve the realizability problem, and a dynamic programming algorithm to solve the enumeration problem in instances of moderate sizes. This work leaves open the membership to NP of both problems, a non-trivial question due to the existence of minimum realizations having size exponential on the instance encoding.