I have been having IT band pain (I think . . . outside of my knee) from running for a while now. It's frustrating, like all inflammation, because just when you think it's gone, it can come back. Anyway, I've found various stretches online but I particularly liked the ones here, which have illustrations: http://www.howtostretch.com/iliotibi.htm

I've also tried using ice after a painful run. I wish I could tell you a cure, but my pain keeps coming back! The key seems to be ramping up my distance sloooowly if I've had more than a couple days off from running.