Green’s Dictionary of Slang

rank v.2

also rank on, rank out
[rank adj.1 (2) + SE rank, to assign a rank, in this case low and thus to put someone ‘in their place’]

1. [1920s–40s] (US Und.) to fail, esp. in the commission of a crime.

2. [1930s+] (US) to disdain, to disparage.

3. [1930s+] to lower; to lose status or job seniority.

4. [1940s+] (orig. US black) to cause problems for another person’s plans or actions.

5. [1950s+] to insult, often by ritual insults directed at the other person’s mother; as n., an insult.

6. [1990s+] (US campus) to ridicule.

In phrases

rank a joint (v.) [joint n. (4a)]

[1940s] (US Und.) to blunder in the operation of a confidence trick.

rank out (v.) [i.e. to abandon one’s aggressive posture (on model of cop out v.2 etc)]

[1980s+] (US black) to beg for help, to surrender to pressure, to behave badly or weakly.

rank someone’s game (v.) (also rank someone’s action, …play, …style) [game n. (6) / action n. (4) / play n. / SE style]

[1930s+] (US black) to obstruct deliberately another’s sexual advances.