By Rudin I assume you mean the book "Real and Complex Analysis". It is a very nice text given that it discusses the essential topics in real analysis (measure theory), basic functional analysis and complex analysis in 400 pages in a very clear and concise manner.
It is surely a rewarding experience to go through the whole book if you manage to do so. That said, whether this is necessary or not is another story.
(Oh, and I am also applying to PhD programs this year. So this is not an advice from somebody who is in his PhD.)