The act of walking into a party, identifying someone who you plan to hookup with, and successfully going home with said person.
Inspired by the athlete's ability to point to a precise location in the stadium where he would hit his home run, the act of "Babe Ruth-ing" often involves identifying a potential conquest immediately upon entering a party.
OMG, Kevin had great game tonight. He walked right into Jorge's party and Babe Ruth'd that cute girl ... within 30minutes they had left together. Home runnnn.