You can either start by choosing a technology, then a project that is adapted to it. Or pick a project, and choose the framework that is best for achieving said project. Here are some thoughts about Node vs. Rails to help with your decision:
Node: - Uses Javascript (on back-end) - Asynchronous IO, great for handling high volume of requests or massive amount of simultaneous connections. - Smaller learning curve, given you're most likely already familiar with JS - Can do much more than traditional web frameworks (e.g. php/rails), like binding to a specific port, handling socket connections etc.. - It's pretty fun :)
Rails: - Uses Ruby, so there's a bit of a learning curve here - Extremely mature framework with impressive amount of existing libraries (known as gems) that plugs into it - By nature, enforces great software practices (e.g. testing) - Best adapted for creating traditional SaaS applications - It's also a lot of fun :P
Honestly, if it's for fun, just pick one and start doing a project. They're both in their respective ways fantastic.