What can it mean when you have swollen ankles, rash, and severe itching in ankle area?

Many possibilities. The severe itching can be caused by the swollen anles and rash. The question is why the rash? From scratching?/ allergic reaction? Bite? Poison ivy? There are some disease processes that can cause both too, so, instead of guessing here, a visit to a doctor sounds like a great idea.
Possible. You may have a fungal infection or bacterial infection etc. You need to have it examined.
Depends on cause. Swollen ankles may be due to fluid accumulation that could result from venous insufficiency, heart failure, kidney disease, nutritional deficiency and the treatment will depend on the cause. Rash and itching may be due to varicose veins, obesity and peripheral circulatory impairment.