Rapid prototyping with jQuery allows for quickly implementing some product functionality without worrying about details or production issues. It focuses on layout, behavior, and data to get early feedback through an interactive click dummy. Various techniques like CSS frameworks, public APIs, and browser technologies can be used to create the illusion of speed and responsiveness while hiding complexity. Tools like Themeroller, jQuery UI, Firebug, and Greasemonkey can aid the rapid prototyping process.