Broken forearm or not. Looks swollen, hurts a lot, but X-ray was ok today?

Soft-tissue injury? Sounds like a lot of soft-tissue damage. Be careful: even if xrays were read out as negative, be sure to have them viewed by an orthopaedic surgeon who has examined you. Clinical correlation is extremely important, for I have seen well over 100 fractures that were missed on initial x-ray report. Soft-tissue injury can cause pain and swelling for months. Start therapy early.