Also in addition to the above:

1. Stretch before and after running.
2. Run with a smaller stride, think baby steps. There is less impact this way.
3. Ice it after running
4. Get and IT band strap to wear while running, it helps minimize the pain and rubbing.

IT band injuries may be due to overuse. The best means of recovery is rest. You might want to see a medical professional if the pain lasts even after resting for a few days or longer.

Three things you can do to try and prevent the injury:

1) Watch your running form. Make sure you have a straight posture and are leaning forward slightly, and your legs aren't overextended. Also make sure that you are bending your knees slightly when you land, and your feet are underneath your body.

2) Do some leg, hip, and core strengthening exercises when you are not running. The IT band runs on the side of your leg, so you'll want to make sure your legs, hips, and core muscles (abs and back) are strong to stabilize your body when you run. Also, if you have a friend watch you run, they may be able to see if there is any instability in your running.

3) Be careful about overtraining. If you increase your mileage a lot in one week, you may want to cut back the next week.