What doesn't come out when you do that probably won't come out at all. The only solution would be to get a new print.
I have done this on a couple occasions. One time the damage (from a minor wrap) wasn't too awful and we were able to get that section of film to play pretty steadily. (Compared to what it WAS.) Another time, somebody "roped" a print and there was nothing that could be done. Luckily, it was on a Wednesday when it happened so it only had to play for another day. (Well, lucky for US, anyway.)
Mind you, I would use this only as a last resort because it might cause "cinch marks",etc. in the film. I'd say do it only when the chances of making it better outweigh the chances of making it worse.
(In other words, you have a "Hobson's Choice" on your hands.)
As to IRONING OUT the creases, I'd have to see it done on some scrap film first. I can imagine all sorts of problems happening. Least of which is blistering the S*** out of the emulsion.
When I took photography classes in college, I was dry-mounting some prints. I was using "resin-based" print paper and there was another guy who was using "photo linen" He turned the temp on the mounting press way up so he could mount his prints but he didn't turn it back when he was done. When I put my prints in the press they came out so badly blistered you could PEEL the emulsion off the paper. (No, John P., it was Ilford. Had it been Kodak they might have survived.)
Don't worry, I got him back when I "forgot" to close the darkroom door! 
David

Cellulose triacetate film will char if heated too hot, and the ironing technique is unlikely to work before damaging the base.
I agree, NEVER heat nitrate film!!!
It can ignite at relatively low temperatures, especially if it is starting to decompose.
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John P. Pytlak, Senior Technical Specialist
Worldwide Technical Services, Entertainment Imaging
Eastman Kodak Company
Research Labs, Building 69, Room 7419
Rochester, New York, 14650-1922 USA
Tel: 716-477-5325 Cell: 716-781-4036 Fax: 716-722-7243
E-Mail: john.pytlak@kodak.com