R = rest, meaning to discontinue activity that is causing pain, and rest the joint for a day or two at home. Use pain as a guide to limit activities. 

I = ice or the application of a cold pack is the preferred method for reducing swelling at the site of injury. Cold helps to limit swelling and helps to reduce pain and muscle spasm by slowing transmission of pain impulses. Cold should be applied immediately to an injury but for only brief periods of time -- 10 to 20 minutes -- followed by a "recovery" period. Prolonged exposure to cold can reverse beneficial effects. 

C = compression to an injury means wrapping the joint (and ice or cold pack) in a bandage or elastic wrap. The compression should be applied loosely enough to permit normal blood flow, but tightly enough to help to reduce swelling. 

E = elevation means placing the leg so the ankle is higher than the joint and the joint is higher than the heart, again to help limit swelling. Pillows and cushions can be used to support the joint in the elevated position. 

This "RICE" formula can be effective during the first 24 to 48 hours after an injury occurs, however, it should not be substituted for a medical evaluation if there is any suspicion of a serious injury. Also, if pain and swelling persist for more than 24 to 48 hours, or the symptoms worsen during this time, an orthopedic evaluation should be scheduled.