You probably have it. I had the ITBS issue in college as a distance runner. My treatment at the time was the following:

-ice 20 minutes
-stretch
-30-40 minutes on a stationary bike at an easy speed
-ice 20 minutes
-finally electrical muscle stimulation (done by the trainers)

It took me roughly a month before I was back to normal, however I was 21 years old at the time.