After yesterday's run i am experiencing a sharp pain on the outer part of my right knee when i am landing/bending the knee and also when its exposed to cold i do feel pain around the area.

Knee pain: Possibilities include sprain, tendonitis, ligament or cartilage injury. Try resting the knee, elevating it when sitting, cold applications for 20 minutes four times a day and, if you can taken, try an anti-inflammatory medication like ibuprofen or naproxen for a week. If not improved or if worsening symptoms, consult can orthopedic specialist.