There's no guarantee it's your ITBand at all, but IMO every cyclist should have a foam roller, just to be on the safe side. It's also great for DIY massages toward your heart.
It'll hurt the first few times you put all your weight on your IT Band, but they're also great for hitting your quads, hams, calves, and hip-flexors.
Also, have you been to a pro-fitter to look at your position on the bike? It only takes a few mm's too high, too low, too forward, or too far back and...
I'd get the foam roller, schedule a pro-fit, and check your local library for a dvd like this one. That particular series is nothing special, but they have a stretch program that has been very beneficial to me.