You know it hurts when they call it a "syndrome". Lots of us have struggled with this (I still do),
but the good news is, with the proper treatment, you can train through it.
Over the years that I have dealt with IT band syndrome, the best treatments I have found are:
1. specific stretches targeting the outside hip (when the store opens next month,
come in and I will be happy to show you which ones work for me)
2. alternating the side of the road I run on
(The roads around here are so "turtle-backed" to aid drainage, the outside leg/knee is put under alot of stress).
3. using the foam roller (This HURTS - you will be amazed at the words you never knew were in your vocabulary that come out of your mouth while doing this - but it WORKS, and that's the goal. Of course, we will carry foam rollers, and I can show you how to use it.)
4. see a PT or Sports Chiro (again, painful but effective)
5. For relief during a run, try an IT Band strap - a tight wrap just above the knee. Or, in a pinch, duct tape works :).
The good thing is, with attention to stretching and treatment, this doesn't have to put you on the sidelines. Happy Running, Folks.