For the food, see rice.
RICE is an acronym for care of simple sprains. It stands for rest, ice, compression and elevation.
In other words, treatment should begin by resting or not using the injured part of your body. Use ice or cool packs. When using ice, do not place it directly on the skin; instead, wrap it in a cloth (washcloth, towel or other clean cloth) before holding it against the skin. Wrap the sprain -- tightly, but not tightly enough to reduce blood circulation and prop the injured body part up, raising it above the level of your heart.
As with all medical advice on the Internet, take it with caution and consult with your own doctor or nurse for serious health issues.