Physical therapists recommend RICE for acute injuries such as sprained ankles. RICE stands for:
REST (stop using the injured limb; use crutches if necessary)
ICE (apply an ice pack for 20 minutes at a time, several times a day)
COMPRESSION (wrap the injured area with an elastic bandage to reduce swelling)
ELEVATION (keep the injured body part above the level of your heart, which also reduces swelling)
Following this advice for the first 72 hours after an injury will speed healing.