A complimentary opinion, as in, "it ranks highly", though the adverb (such as "highly") is deliberately left out. Used mostly when lauding a visual or musical work of art.
"The Beatles' 'Rubber Soul' ranks."
"'Star Wars' ranks."
"His guitar-playing ranks."
Short term for rancid.
Josh: awww, a dead rabbit.
James: awww rank!