RICE: Rest, Ice, Compression and Elevation.
Rest: the period of rest should be long enough that you are able to use the affected limb with the majority of function restored and pain essentially gone.
Ice: A good method is ice to ice the affected are 20 minutes of each hour or alternation of ice on and off for 20 minutes each, for a 24–48 hour period.
Compression: Compression aims to reduce swelling that results from the inflammatory process the occurs when you tear or sprain a ligament or muscle. It should fit snug so as to not move freely, but still allow expansion for when muscles contract and fill with blood.
Elevation: aims to reduce edema by increasing venous return of blood to the systemic circulation. This will result in less swelling which reduces pain.