Green’s Dictionary of Slang

ranked adj.

[? rank adj.1 (1), thus ? play on stinking adj.2 (1)]

(US campus) drunk.

[US]Eble Campus Sl. Apr.
[US]Eble Sl. and Sociability 13: Sometimes a new slang form either replaces an earlier one or provides another synonym for a notion already named in slang, like ramped, ranked, ted (from wasted), and toe (from torn) for ‘drunk’.