I have battled with ITBS for the last couple of years now (from running, not cycling).

The foam roller is a good idea. Another idea that is WAY easy is to get yourself a tennis ball and a trigger point chart. I have that Julstro book, The Pain-Free Runner (although I would recommend her Pain-Free Triathlete book for you), and her advice about rolling on a tennis ball really helped my IT band problems. Basically, you lay on your side, and put the tennis ball under your upper hip (is that the gluteus medius?). There is a trigger point there, so when you're on it, it kind of hurts, and you stay there for at least 30 seconds. The muscle is essentially in spasm, and you are doing deep tissue work to mellow it out. I know I'm not great at explaining it, sorry.

The IT band is hard to stretch, but if you stretch your hip flexors a lot and your piriformis, in addition to the regular IT band stretches, you should have some relief.

Hope this helps, and sorry you're hurting. It really sucks. Good luck!