I'm not a an orthopedist or even a physician, but I have had many knee issues from sports. The latest is a torn and pretty much worn out meniscus. If it was me, of course I'd RICE it because that certainly can't hurt regardless of the injury, however I would at least see my primary care physician for a clinical evaluation and probably see an orthopedist. Both my wife and I play sports. One thing we have both learned is that as we get older, we have more long-term problems with re-injury than the initial injury. When you have a weakened joint, unless you know what is going on with it, you can re-injure it easily and unknowingly by doing things you routinely do without issue otherwise. There are cases where a hinged brace and ensure stability during the healing process better than just the compression of a soft brace.
Also, use a physicians advice on using NSAIDS, even over the counter. For example at normal doses ibuprofen is just an analgesic but at high doses it becomes an anti-inflammatory (1600-1800 mg/day as I recall). However, at those high doses, it can reek havoc on your stomach. There are other anti-inflammatory NSAID like Celebrex that are easier on your stomach. If you have other medical conditions like a tendency toward stomach ulcers, you physician will know what NSAID will work best for you.
I have, with the arrogance of youth, not followed this advice. Some injuries that otherwise may have healed in a few weeks, became chronic. I know it is a pain in the butt, but go see your doctor.
Thanks,
Jack