Elastic bandages are commonly referred to as ace bandages. They are a sort of compression bandage that can help with swollen and sprained appendages. There are other sorts of compression bandages that can be used for heads, shoulders, and other large parts of the body. Making your own elastic bandage at home can be done quite simply and doesn't require much effort. It can even make use of any socks whose mates are missing. The best option is the tube sock variety with a polyester/cotton blend that possibly includes Spandex so that the socks are stretchy.
Cut the socks open lengthwise down both sides and across the toe. Tube socks are best to use because they come up to mid-calf or higher, which will provide the longest type of bandage.
Stitch the toe of one side of the sock to the ankle of the other piece until you have a long bandage. Use a strong loop stitch so that the stitching will hold through washing and drying. You can also sew the sides of the socks to make the bandage more uniform, but it is not necessary.
Roll up the bandage and place with your first aid kit for future use.
Use your bandage as you would an ace bandage. Wrap securely around the wounded or hurt appendage and tie or tuck the end underneath the bandage.
Other blends of socks and other styles of socks can be used.
If you are dealing with a broken or fractured bone, or a deep cut, go to the doctor immediately. The compression wrap will only be a temporary fix, and you need medical advice.