Translation:I hate running.
Actually, it makes a verb an actual noun or some other action that usually ends in -ing that doesn't represent the gerund form of the verb- in this case it makes the verb "to run" mean "the act of running". I assume you can use it for other verbs to mean similar things. "I hate swimming", "I hate driving" etc.
For people who are asking, and for a little insight. As a lot of people said, の is used to change the verb into a noun. Instead, you can use こと when you want to be more polite. Good thing is that they work in a lot of way, as long as you want to say sentence with a verb as a noun in English or in infinitive form. たとえば : I can drink this / これを飲むことができます。
Other thing, you can transform an adjective into a noun. Once, I was in Ghibli museum, and I heard a little kid said : くらいのこわいね. In proper version : くらいことがこわいですね. It means : The state of dark (くらい dark as opposed to light, talking about a place) is scary isn't it? (ね is asking for the approbation of the listener, here it was his mother).
Hope it will help some people!