- You're modifying the code. That's fine as long as you don't distribute it but the exact nature of this depends on if you're using GPL v2 or v3 (I believe v3 uses the term conveyance and it has a broader meaning);
- If you're going to distribute that commercial application not only do you have to release the source code for your changes but in all likelihood for your complete application as well (and this is regardless of whether you modified the GPLed code or not).
"Ownership" doesn't mean a lot here. I can take a copy of the GPLed source code for, say, MySQL and release a database called FrogDB with modified or even unmodified MySQL source code. As long as I comply with the license there is nothing stopping me from doing this.
So you can create a version in another language and call it "RubyXYZ" instead of "XYZ" or give it a completely different name. Doesn't matter. Attribution and the GPL will still be required. Someone else could still do their own version of "yours" however.
Porting to another language is a significant work. You might be better off starting from scratch and not using the other library as a base at all. Then you can give it whatever license you want as long as it isn't a derivative in any way.