It means to talk for a long time, in a way that is angry, crazy, and does not make sense. "Ranting" in particular implies anger.
"I want this dinner to go nicely, so whatever you do, please don't bring up the subject of politics with Ed or all he will do is rant and rave about Roosevelt."
It's not angry, so it is not ranting; but this famous passage is a good example of raving. It was intentionally written as nonsense, in order to challenge an actor who claimed he could memorize anything:
"So she went into the garden to cut a cabbage leaf, to make an apple pie; and at the same time a great she-bear coming up the street, pops its head into the shop. 'What! no soap?' So he died, and she very imprudently married the barber; and there were present the Picninnies, and the Joblillies, and the Garyulies, and the grand Panjandrum himself, with the little round button at top; and they all fell to playing the game of catch as catch can, till the gunpowder ran out at the heels of their boots."
In Shakespeare's play "King Lear," Lear rants and raves. An example:
No, no, no, no! Come, let's away to prison:
We two alone will sing like birds i' the cage:
When thou dost ask me blessing, I'll kneel down,
And ask of thee forgiveness: so we'll live,
And pray, and sing, and tell old tales, and laugh
At gilded butterflies, and hear poor rogues
Talk of court news; and we'll talk with them too,
Who loses and who wins; who's in, who's out;
And take upon's the mystery of things,
As if we were God's spies: and we'll wear out,
In a wall'd prison, packs and sects of great ones,
That ebb and flow by the moon.