I had a ferret with a dislocated elbow last spring.  Basically the first
thing to try is to sedate her with Iso and put the elbow back in place.
Then put her arm in a SAM splint for roughly 1 week.  Elbow surgery is the
next step if splinting it does not work.  (In my case the splint did work.)
I do not know if you are close to the U of Florida in Gainesville, but the
vet school there has a great surgeon (Dr Avery Bennett).
 
Plus a lot of orthopedic specialists there.
Hope that helps,
Jerry Murray, DVM
 
[Sukie note: there also was an unusual strapping method which worked that
was mentioned by another yesterday; see
http://groups.yahoo.com/group/Ferret-Health-list.  This shortening done
specially for those who FMLers wanted less space given to the cross-posts.
Yes, we moderators DO listen... :-)]
[Posted in FML issue 3491]