Hi there,

ITBAND SYNDROME is:

Excessive friction between your Iliotibial Band and your knee (or hip) bone.
This causes a sharp pain at either the side of your knee or the side of your hip.

Usually caused by increasing your running or biking too fast and/or with bad form.

But is also associated with weight-lifting (standing squats), court sports (raquetball, tennis, handball, etc) and even pregnancy.

The most common causes :

Leg length differences
Road camber - running on a slope for a long time
Foot structure
Excessive shoe breakdown - particularly it the outside of the heel
Training intensity errors - increasing mileage or intensity too fast
Muscle imbalances - particularly quads versus hamstrings
Run/gait style factors - e.g. bow-leggedness, knock knees, etc.


Treatment:

Immediately

STOP RUNNING to prevent further inflammation, don't just ease off

RICE (Rest, Ice, Compression, Elevation). Ice - 20 minutes on, 10 minutes off, 3 times a session, twice daily. Be careful not to freeze the skin, especially if you use commercial ice packs, some of which freeze at a lower temperature than water.

Wikipedia reference-linkAnti-inflammatory drugs (ibuprofen, you may find natural products such as Glucosamine and Condroitin Sulfate work for you),

Stretch ITB at least twice a day, 30-60 seconds each side, using at least 2 different stretches. Don't bounce, don't stretch till it hurts (i.e. too hard).

Self-massage of area, across the thighs and calves (sideways, not up and down).

I hope that it was of some help. Some more on ITBS next time.
Cheers