The stiffness of the IT band is more akin to a hard rubber than steel, but regardless, it's not something that is amenable to stretching because it's physically anchored to the femur along the entire length of the "band." Remember, the IT band is not an independent structure that floats along the outside of your leg; it's just a thickening of the fascia that encases your thigh muscles. I cover the anatomic aspect in more detail on my website:
http://www.runningwritings.com/2012/02/injury-series-biomechanical-solutions.html
With regards to stretching and strengthening exercises, the earlier posters are (surprisingly!) more or less correct: you want to stretch the TFL and the glute max, and you definitely want to strengthen the gluteus medius and minimus—the abductors and external rotators of your leg.
Here is what a representative rehab program consists of:
*TFL and glute max stretches, done three times per day, 15 seconds each on both sides.
*Abductor, TFL, and external rotator strength exercises, done one set of 15 repeats once per day and built by 5 repeats per day, assuming there was no soreness from the previous day, up to three sets of 30 repeats once per day
So yes, you do these EVERY DAY!
There's no research to back foam rolling, but a heck of a lot of runners (including myself) have found it to be indispensable when dealing with IT band syndrome. You'll have more success rolling the tissue further up on the quads and in your glute/TFL area—avoid rolling the painful spot.