The initial control of hemorrhage, edema, inflammation, muscular spasm, and pain is paramount and may infact play a role in allowing the player to return to competition sooner. The acronym RICE immediately comes to mind.
R - Represents relative Rest or immobilization which early on prevents further damage to an already compromised area. Early aggressive movement may increase hemorrhage and prolong recovery.
I - Intermittent Ice is important in providing vasoconstriction and controlling the effusion. Crushed ice is excellent because it conforms to irregular areas.
C - At this time a moist ace wrap can be applied not only to conduct the cold but, also provide Compression.
E - Finally, while combining the previous modalities, Elevation of the ankle above the heart will reduce bleeding and promote venous return.