Summarize:

Toe dislocations are a relatively common consequence of foot trauma, whether it's accidental (such as stubbing your toe) or intentional (such as kicking a soccer ball). A dislocated toe is certainly painful and looks misaligned, but it doesn't usually involve a fracture. Realigning the dislocated toe with some sort of manual procedure or adjustment (practiced by medical doctors, podiatrists and chiropractors), is the most appropriate treatment. Pain relief often follows immediately after treatment. Dislocations don't often spontaneously realign without intervention from a health professional. The longer a joint is dislocated, the greater the chance of permanent ligament and/or tendon damage, so getting treatment soon after injury is important. Once your toe joint is realigned again, it's important to support it with a splint or strong medical tape because the ligaments and tendons that keep the joint straight may be temporarily stretched or weakened. As a consequence, the newly straightened toe may be somewhat unstable for a few days until the connective tissues can strengthen. Consider making your own splint with popsicle sticks and trainer's tape. Shortly after your dislocated toe has been realigned and stabilized, you should strengthen it with specific exercises. Towel curls (using your toes to crumple up or pick up a towel from the floor) and marble pick-ups (picking up marbles from the floor with your toes) work well for strengthening the tendons and muscles of your toes and foot. Talk to your doctor before beginning a toe exercise routine, especially if you have other medical conditions such as arthritis or diabetes. If these exercises do not work well or are painful to perform, see a physical therapist or podiatrist for more personalized assistance.
Get your toe realigned. Support your toe until it heals. Strengthen your toe with exercises.