Yeah, that is probably ich. I'm using a medication called Nox-ich, but I know that there are several other brands that are pretty good. Quick Cure is the only one that comes to mind currently.
The ich parasite is only susceptible to medication when they're in the free swimming phase (about three days), and once they burrow into the fish's skin, they're safe from it. After a few days of feeding on blood and dead epithelial cells, they drop off and make more of the little buggers, who repeat the process. The process is said to take about two weeks from start to finish.
To speed up the process, raise the temperature of your tank to about 80-82 degrees to get the little buggers into their free swimming phase faster. Pick a medication with malachite green, methylene blue, quinine hydrochloride, or mepracrine hydrochloride, which will kill the parasite after they have left the fish, and most likely before they've had the chance to spawn.
I've read somewhere to keep up treatment for as long as two weeks to kill off all of them. I'm going for the two weeks with my buddy Fiyero, with 25% - 30% water changes everyday and 1 tsp of aquarium salt per gallon. I'd be very grateful if someone were to confirm that this amount of time is okay, as I'm only doing it to Fiyero because there is someone to take a look at him at almost every hour of the day, just in case anything goes wrong.