Rest, Ice, Compression, and Elevation. Stay off of the injured ankle, do not attempt to “walk it off,” as this could further injure the ankle. While resting, apply an ice pack with cloth barrier to the injury – keeping it on for twenty minutes and the off for twenty minutes. An elastic wrap can be applied fimly, but not too tight as to cause a sensation of throbbing in the effected area. And lastly, elevating the foot to heart level (usually with a pillow) will help drain the fluid build up.