The rank of a projective module $M$ over $R$ is the function $\mathrm{rk} : \mathrm{Spec}(R) \to \mathrm{Card}$, $\mathfrak{p} \mapsto \mathrm{dim}_{\mathrm{Quot}(R/\mathfrak{p})}(M \otimes_R \mathrm{Quot}(R/\mathfrak{p}))$. This is the dimension of the fiber of $\tilde{M}$ at $\mathfrak{p}$. One can show that if $M$ is finitely generated, then this rank function is locally constant (without any finiteness condition this may fail). In fact, then $\tilde{M}$ is locally free of finite rank. In particular, if $\mathrm{Spec}(R)$ is connected ($\Leftrightarrow$ $R$ has only the trivial idempotents $0,1$), this function is constant. Then you have just one rank $\mathrm{rk}(M)\in \mathbb{N}$. In particular, when $R$ is an integral domain, we have $\mathrm{rk}(M) = \mathrm{dim}_K(M \otimes_R K)$, where $K=\mathrm{Quot}(R)$.