Foam Rolling is a great rehab tool for all parts of the body. It can soften muscle adhesions leading to a faster recovery.
To foam roll the IT Band, place the foam roller directly under outside of your thigh. Roll back and forth 10-20 times from the hip to the knee. Be sure to concentrate on any "sticky" points. For starters, have your top leg crossed in front to help relieve some of the pressure. The IT Band is very tight and sore on most people. Once you have become accustomed to rolling this area, then you can proceed to placing your top leg directly on top of the leg being rolled (as pictured in the second picture).