Oh, Sarah! I feel for you!
Okay, I found this:
http://www.nismat.org/ptcor/itb_stretch/
What are the treatments of iliotibial band friction syndrome?
Rest
Ice
Stretching of iliotibial band
Instruct a person to avoid hills, shorten stride, and run on alternate sides of road
Anti-inflammatory medicine
Orthotics (if appropriate)
Ultrasound
Contrast baths
Local steroid injection
and this
http://www.med.umich.edu/1libr/sma/sma_knee-ili_sma.htm
How is it treated?
Treatment includes the following:
Place an ice pack over your iliotibial band for 20 to 30 minutes every 3 or 4 hours for 2 to 3 days or until the pain goes away.
You can also do ice massage. Massage your knee with ice by freezing water in a Styrofoam cup. Peel the top of the cup away to expose the ice and hold onto the bottom of the cup while you rub ice over your knee for 5 to 10 minutes.
Take an anti-inflammatory medicine, according to your health care provider's prescription.
Do the stretching exercises recommended by your health care provider or physical therapist.
Your provider may give you an injection of a corticosteroid medicine to reduce the inflammation and pain.
While your knee is healing, you will need to change your sport or activity to one that does not make your condition worse. For example, you may need to bicycle instead of run.
Sarah! Good luck and keep us posted!