Rosalind is suggestively playing on the words “be out.” She is not saying that he would be out of words. Rather, she is saying that his genitalia will “be out” or kept away from her. The word honesty in this quote means virtue or chastity. With her wit she can keep herself chaste: she can prevent him from having sex with her. The word ranker thus means weaker, but the word also means foul or lewd (foul honesty would thus mean loose virtue or a lack of chastity).
The befuddled Orlando does not understand the witty remark, and he asks her if he would be out of his suit. He is asking if he will no longer be a suitor. However, still in her holiday humor, Rosalind plays on the word suit to mean a suit of clothes (or apparel). She thus declares that Orlando will not be out of his clothes – he will not be having sex with her – but he will be out of his suit: he will be an unsuccessful suitor should he attempt to have sex with her.