We investigate nonclassical Stokes-operator variances in continuous-wave polarization-squeezed laser light generated from one and two optical parametric amplifiers. A general expression of how Stokes-operator variances decompose into two-mode quadrature operator variances is given. Stokes parameter variance spectra for four different polarization-squeezed states have been measured and compared with a coherent state. Our measurement results are visualized by three-dimensional Stokes-operator noise volumes mapped on the quantum Poincaré sphere. We quantitatively compare the channel capacity of the different continuous-variable polarization states for communication protocols. It is shown that squeezed polarization states provide 33% higher channel capacities than the optimum coherent beam protocol..