To understand how weekly rankings work, use the "prev week" link to compare results.
This week for scorpi0:
Rank: #516, Weekly rep: 317
Last week for scorpi0:
Rank: #23910, Weekly rep: -4
So last week, scorpi0 earned rock-bottom reputation earnings. That put him/her almost at the very bottom of all users. This week, scorpi0 was active and earned (so far) a respectable amount of reputation. Only about 500 users on all of Stack Overflow earned 300 or more repuation points so far this week.
So scorpi0 went from all the way at the bottom to within 500 from the top since last week. That is why his/her weekly rank changed so dramatically from one week to the next: a dramatic increase in weekly reputation earnings.
All-time reputation and all-time ranking will be much less susceptible to large changes like this. Weekly reputation rank changes aren't affected by total reputation so there can be wild swings from week to week. If you tend to earn the same amount of reputation from week to week, your weekly rank will not change very much over time.