Military slang. Eject from a fighter aircraft. Modern ejector seats are mounted on a set of vertical rails, with a rocket or explosive charge to propel it upward and out of the cockpit.
"There were flames all around me, I couldn't even see the horizon, so at 420 knots, 8,000ft I had no choice but to grab the handle and ride the rails."
by Mervin Woodfine February 09, 2007