RE: to Imafitnessfreak...
It **could** me ITB Syndrome. The Iliotibial band starts at the hip, runs along the outside of the leg, along the outside of the knee and wraps around the bottom part of the knee. It is a thick band that resembles a muscle. ITB Syndrome is extremely common with runners and gets worse if not taken care of...you won't be able to run.
If I am on target, (I hope I am because it is easy to fix), then a bit of rest and proper stretching will do wonders. I have an awesome stretch in my picture trail that a physical therapist that specialized in running injuries taught me. It's the stretch where my leg is straight back, the other leg is in front, bent at an angle so the outside of my knee is towards the floor and my upper body is slightly rotated towards that knee. Let me know if you are unsure which photo I am describing.
You will feel the stretch in your hip...deep in the hip, and that is good. Hold it for 30-60 seconds before and after running, no bounce.
Also, rest. Cut back your running(for a short while) and stop running if you feel pain. Use this (short) time to cross train.
Putting some ice on there for 10-15 minutes after a workout is a good idea. The cold helps reduce inflamation. You can ice a few times a day but don't do consecutive ice sessions unless all the redness from your previous ice session has totally gone away.
Aren't you glad ya asked???;-) I really hope this helps! Keep me updated!