I had a foot sprain two weeks ago, swollen with clear bruising (bloody red) on the sides/bottom of foot; expected fracture or break, but it turned out to be torn ligaments.
I started using ace bandages immediately and did not use any medicine to reduce swelling. I just made sure that i wasn't suffocating my foot (you will know by the pressure). I also used crutches to do mobility exercises for the last two weeks, while lightly walking on my foot. It hurt, but now all is go and I'm in the clear. I was told that the more you use it the better it heals, and I guess this applies to the type of injury; for me, it was perfect advice. I would be careful using it if there is a fracture or break, and if not, then use your foot based on the pain you feel when doing mobility exercise or walking normally. If you can't walk normally, use crutches.