Not sure about straining my IT band, but I have had very tight IT bands, and it HURTS. A tight IT band, was, for me, fortunately easy to remedy. I invested in a foam roller and did these exercises:
It will hurt when you first do this. Quite a lot, but it gets easier as you stick with it. I haven't had this problem in a while (touch wood). Also, I'd advise you to strengthen the muscles around your knees with lunges and squats. These will help protect your knee joints. Make sure you have good form (don't let your knee go over your toes when you do this - it can strain the patellar ligament)
Oh, and good job with the running! Remember, slow build-up to miles, and rest. I've found Aspercreme and the homeopathic Arnicare (Arnica gel) massaged into sore areas can help, too, but don't overdo the Aspercreme.