Hard8s definitely knows what he is talking about with the sprained area. I've suffered multiple sprained ankles and the trainer had me doing that very same thing. They even had me put my foot in a 15 gallon water cooler filled with ice-water up to my lower calf (that completely sucked ass) and doing the following with ABC's.
Anyhow, just go with the concentrated method listed above by Hard8s and you'll be good to go in almost minimal down time.
Take care and be careful becuase it will be very easy to reinjure yourself until you gain strength back in your ankle/foot.
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