Yeah I mean foam rolling won't hurt, but it sounds like something is wrong either with your running form, or you have some sort of muscle imbalance (both probably, the latter leading to the former). If it persists, the only reasonable thing to do is see a physician. Sounds like its the somethingsomething band on the side of the leg (can't remember the name).
*googles*
IT band! I knew it was band something. See
here. I've never had that myself. *knocks on wood*
You don't happen to have a video of you running we could look at by any chance?
How's your footstrike? (front, mid, heel) How are your shoes? Cushy? Old, new? How heavy, tall?