I love my foam roller, can't walk without it...
If you do the IT band exercise, make sure to read the instructions, not just look at the picture. In general, to start, you want to support some of your weight with the non-rolling foot. Depending on the tightness of the IT band, it can be incredibly painful, and possibly unbearable to support your entire weight.
I also find it invaluable for rolling out the knots in my calves. Also, for stretching the muscles across my chest (due to hunched shoulders).