Ranheim is an alumnus of the University of Wisconsin–Madison Badgers ice hockey program where he played four seasons between 1984 and 1988 and graduated as one of the school's all-time leading scorers.

[1][2] The Calgary Flames selected him in the second round, 38th overall, at the 1984 NHL Entry Draft,[3] though Ranhiem opted to play college hockey with the Wisconsin Badgers prior to turning professional.

Additionally, Ranheim was a finalist for the Hobey Baker Award (won by Robb Stauber[12]) as the top college player in the NCAA.

[13] Upon turning professional in 1988–89, Ranheim was assigned by the Flames to their International Hockey League (IHL) affiliate, the Salt Lake Golden Eagles.

[1] He spent the majority of the season in Salt Lake, but appeared in five games for the Flames, including his NHL debut on December 29, 1988, against the Montreal Canadiens.

[8] With the Golden Eagles, Ranheim's 68 goals led the league in scoring, set a franchise record, and was the fourth highest total in all of professional hockey.

[18] He made his second senior international appearance, at the 1992 Men's World Ice Hockey Championships, where he had two goals and an assist in six games.

He was sent, along with Gary Suter and Ted Drury, to the Hartford Whalers on March 10, 1994, in exchange for Michael Nylander, Zarley Zalapski and James Patrick.

[21] Though he was expected to provide an offensive boost to the Whalers, Ranheim's lack of confidence continued to affect him, and he recorded only three assists in 15 games to end the season.

[22] Following two additional seasons in Carolina, the Hurricanes dealt Ranheim to the Philadelphia Flyers on May 31, 2000, in exchange for an eighth-round selection at the 2002 NHL Entry Draft.

He helped found a technology company called Keyware that creates internet monitoring software then tried marketing a brand of hockey jerseys.