(add-hook 'ruby-mode-hook
	  (lambda ()
	    (define-key ruby-mode-map "\C-c#" 'comment-or-uncomment-region)
	    )
	  )

This assigns C-c # to comment the current region, or if the current region is already commented, it will uncomment the region.

But what about when there’s no region currently marked? It would be nice if emacs would (un)comment the current line. To do this, I took a page from DJCB at Emacs-fu.

(defadvice comment-or-uncomment-region (before slick-comment activate compile)
  "When called interactively with no active region, comment a single line instead."
  (interactive
   (if mark-active (list (region-beginning) (region-end))
     (list (line-beginning-position)
	   (line-beginning-position 2)))))

Now with nothing marked, pressing C-c # will cause emacs to toggle commenting on the current line.

In case it isn’t obvious, one should add the abbove snippets to their .emacs file to gain their benefits.