The Collaborative International Dictionary of English v.0.48:

Rank \Rank\, v. t. [imp. & p. p. Ranked (r[a^][ng]kt); p. pr.
   & vb. n. Ranking.]
   1. To place abreast, or in a line.
      [1913 Webster]

   2. To range in a particular class, order, or division; to
      class; also, to dispose methodically; to place in suitable
      classes or order; to classify.
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            Ranking all things under general and special heads.
                                                  --I. Watts.
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            Poets were ranked in the class of philosophers.
                                                  --Broome.
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            Heresy is ranked with idolatry and witchcraft. --Dr.
                                                  H. More.
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   3. To take rank of; to outrank. [U.S.]
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WordNet (r) 3.0 (2006):

ranking
    adj 1: having a higher rank; "superior officer" [syn:
           ranking(a), superior, higher-ranking]
    n 1: position on a scale in relation to others in a sport