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To steal from someone and run away. Commonly used to describe the actions of those who rob drug dealers and run or prostitutes who take the money and run before providing the sexual exchange.
John: How many guys have you had tonight?

Hooker: Not one. I've been ripping and running all night.

Example 2:

Q: Where'd you get all that money from?!

A: We found out where the weed dealers live and started ripping and running.
by mooneyk20 November 14, 2011
Maintaining a busy, frantic pace; hypertasking.
Sorry I didn't return your call, man; I've been ripping and running all day.
by Tom Head July 07, 2008