RICE. Rest, Ice, Compression, Elevation.
For the first 24-72 hours you want all of the above. Rest it as much as possible, wrap and ice (20 mins on at at time, frozen peas/corn work great for icepacks), and keep elevated as much as possible.
After that initial period, ice directly after activity to minimize swelling, and you can also use moist heat to "pulse" the area to help drive the fluid out of the area. Compression/tape/support as needed for activity until pain disappears.
A rolled ankle can be nothing, or it can be something as serious as an avulsion fracture (piece of bone torn away by the tendon), partial/full ligament tears, etc. If you are more than 5-7 days out and it is still tender/swollen/painful to walk I would go have it checked out.
As far as squats/deadlifts, they are linear rather than angular in motion, so you should be fine, but just be aware and limit your lifting if it is painful.