NaRuO2 forms a delafossite-like structure that contains triangular sublattices of edge-sharing RuO6 octahedra. It shows no evidence of magnetic order down to 100 mK and persistent spin fluctuations, suggestive of a quantum disordered magnetic ground state. In order to characterize the physical regime from which this disordered state arises, we use resonant inelastic X-ray scattering (RIXS) and X-ray absorption spectroscopy (XAS) at the Ru-L2,3-edge, along with pulsed high-field magnetization to characterize both the local electronic structure and the magnetic interactions. We infer significant spin-orbit coupling inferred from XAS measurements. With RIXS, we observe intraorbital excitations, which are damped due to the near itinerancy of the band and suggestive of strong charge fluctuations. Corroborated by models of the high-field magnetization to a random singlet model, we propose a picture of a nearly itinerant system with strong magnetic and charge fluctuations that destabilize long-range magnetic order.