Corrugated Rib, like any other type of ribbing, can be worked on a wide variety or stitch multiples depending on the sort of ribbing you're making (1x1 versus 2x2 or 3x1, for example).
The thing that all corrugated rib stitches have in common is that the knit stitches are worked in one color and the purl stitches are in the second color. This is most commonly accomplished by working in the round, because it is much easier to control the colors that way and you're not alternating which color is knit and which is purled from row to row.
The sample swatch in the illustration is a flat 2x2 rib. To accomplish it, cast on stitches in a multiple of 2 (I used 24) in your first color.
For row 1, knit 2 in color A and purl 2 in color B across, making sure that all your stranding happens on the back of the work. For row 2, knit 2 in color B and purl 2 in color A across, again ensuring that the stranding is happening on this side of the work. Make sure you don't pull your strands too tightly as you switch between colors.
To work the same pattern in the round, repeat row 1.
Corrugated rib is not a stretchy rib, but it is a popular decorative technique used on Fair Isle and other stranded knitting projects.