We had this exact issue when we ported a PHP application to rails. What we did is similar to tomtoday's suggestion. First we pointed the rails configuration to the current database. Then we did a rake db:schema:dump and copied the db/schema.rb file to something like db/schema_base.rb. Then you make your first migration loading that schema. For example:
class CreateTables < ActiveRecord::Migration
def self.up
`cp #{RAILS_ROOT}/db/schema_base.rb #{RAILS_ROOT}/db/schema.rb`
Rake::Task['db:schema:load'].invoke
end
def self.down
end
end
Just force this to be the first migration and you will be on your way. Then you start writing migrations to transform the database to be more compliant with the Rails way. We wrote migrations to properly rename id columns, foreign key relationships, table names, etc.
Remember that schema dump doesn't support foreign key constraints and triggers if you use those.