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Rachel is Trudy's competitive sorority sister.
In Third Wheel, Trudy bumps into Ted again at MacLaren's. A few minutes later, college friend Rachel bumps into her, and the two reminisce with each other. The two girls show signs of being attracted to Ted, and they express the idea of having a long-fantasized threesome with him. Ted, however, bails out at the concrete prospect of the threesome, which would earn him Barney's The Threeway Belt.
Just as he's about to send the girls away, he decides to go for it, but by then, the girls have gone to Marshall and Lily's room. Whether Ted had the threesome or not remains a mystery to this day, since he has never talked about it and did not claim the Belt.