This guy below does an excellent job explaining, in a normal, casual understandable, the mechanics of ITBS. Its the best one I’ve found yet. And scroll down and check out the exercise he wants you to do. Its an asskicker. Its the suggested hip hike exercise and hip abductor strengthening, but it hones right in on that ITBS burn you feel. Try it, you’ll see what I’m talking about.
http://www.sportsinjurybulletin.com/archive/1026-knee-injuries.htm