What can be done for knee pain i think is from the lateral collateral ligament associated with joint grinding?

Unlikely: The lateral (or fibular) collateral ligament does not typically cause pain. An injury to the fcl can cause instability in the knee. Unlike the mcl, when it is injured, it does not heal as readily and actually doesn't hurt as much to touch it. Grinding could be instability but usually occurs from a mechanical problem inside the knee. See an orthopaedic surgeon for an evaluation.