I am not at all a specialist or a medical professional or even a long time runner. But I have taken up running this year (and love it). I read Runner's World, and also go to their website regularly. They are always putting stretches or exercises in there that are good for pre-run or post-run, and also stuff to strengthen areas that can cause problems, maybe like what you have going on. Here are a few samples, but if you go to their webs site, you can click through TONS of stuff... I found some great post run yoga poses that are fabulous stretches. I was having trouble sleeping at night due to almost Restless Legs Syndrome type feelings and tightness, until I started doing them.
http://www.runnersworld.com/article/0,7120,s6-241-285--77...
http://www.runnersworld.com/article/0,7120,s6-241-286--14...
And this video specific to IT band issues:
http://www.runnersworld.com/video/1,8052,s6-1-0-5,00.html...