I was doing some research for allison1080 and came across some good information that I wanted to share with everyone.
Iliotibial Band Syndrome -
The dull ache initially starts in the beginning of my run and last the entire run. The pain goes away after I am done running. If I continue to run and don't take time off the pain is severe and prevents me from running. At that point downhills and uneven surfaces are the worst.
The IT band tenderness or inflammation is caused by form being off, lack of stretching worn shoes, excessive hill running, uneven surfaces, and/or overtraining.

There is a lot of information out there on self-treatment and medical treatment. My advice would be to stop running if it is severe pain or even mild. There are many times that I don't stop training even when it is mild and it becomes a bigger problem in the end.
I take IBU, ice my knee, use tiger blam cream, stretch, yoga, roll out on foam roller or straight PVC pipe. I am one to give advice on this and need to take it in myself. I am not perfect by all means, but please don't make the same mistakes I have made. It can be painful and takes longer to recover. I can say from personal experience it is so hard to stop running especially in the middle of my training. I have to remind myself that I can still swim and bike.. It is soooo important to take time off when IT Band pain starts to occur! I can't stress it enough!!!
Ice religiously..... stretch stretch stretch.... take something for inflammation.... AND DONT RUN