Acetomenophin (Tylenol) will help with the pain but not the inflammation (swelling). For that you need an anti-inflammatory like ibuprofin or even aspirin.

It helps to rest the ankle at first, don't walk on it, use ice and elevate for a couple of days, depending on how bad the sprain is.

Sprains are graded 1,2, and 3 depending on what happened to the ligaments. I'm missing one ligament after a grade 3 sprain, which was 3 months in a brace and physio.