Swelling is an indication of blood/fluid accumulating at your elbow. It could have been caused by either an external injury which damaged the blood vessels directly, or due to inflammation.
The spongy swelling of the elbow occurs because of the presence of fluids in it which make it swell. It might occur because of too much bending of the elbow.
Swelling is associated with trauma or an underlying condition. Usually elbow region swelling is caused from trauma which can be from moving your arm or picking up something. Try ice for 10 mins a few times a day. If you do not find relief seek care form your PCP.
It is possible that you have gout. It can cause swelling in the elbows, knees and other places. It is a form of arthritis that can cause a great deal of pain. Especially if left untreated.
You may have waht they call tennis lbow and if you do in time it will not just be swollen but it will get painful to move it contact your doctor they have treatments for this.