How to Treat Mosquito Bites
The first step, obviously, is to remove yourself or the moquitoes from the area to prevent further mosquito bites. If you have an immediate reaction to the bite that includes difficult breathing, sweating, heart palpitations and swelling in places other than the location of the bite, you should seek emergency medical treatment immediately--and ask if someone nearby has an Epi-Pen available.
The second step depends on how many bites you've received and how allergic you've become to mosquito bites. If you've received many bites and you tend to get welts, you may want to take an H1 non-sedating (or sedating if you prefer) antihistamine like Zyrtec, Benadryl, or apply an antihistamine cream, like Antisan. If you do apply an antihistamine cream, be sure to apply it only to those areas affected by mosquito bites. Studies like "Treatment of mosquito bites with ebastine: a field trial" headed by Dr. A. Karppinen, et al. and "Treatment of mosquito bites with cetirizine" lead by Dr. T. Reunala, et al. conclude the antihistamines greatly reduce the amount of itching and welts that accompany mosquito bites.
The third step is to either take a cold shower or take an NSAID like Ibuprofen to help reduce the swelling of the welts caused by mosquito bites. A cold shower helps to reduce the swelling by constricting capillaries near the skin's surface, allowing fewer antigens and antibodies to cause an allergic reaction. This is particularly helpful if you've sustained multiple mosquito bites on various parts of your body. NSAIDs, or non-steroidal anti-inflammatory drugs, in this instance they show some promise in reducing swelling caused by allergic reactions, as well as swelling caused by physical trauma, which is what they're usually used for (pain medications).
Continued treatment for particulalry bad mosquito bites is usually done with a topical antihistamine cream like Benadryl Itch Stopping Cream. It should not be used for more than a week, and should be applied no more than 4 times a day without first consulting a physician.