We have a suction tool, I think it's literally called the bug bite thing or something. Basically it suctions on to your arm where the bite was and you pull your skin up into this tube and it sucks out the venom that causes the itching as well as the stinger if one was left behind.

My wife and I haven't had a bug bite any time we've had that thing handy, so mainly we just put it on each other's nipples for shits & gigs. I can't really say that it's effective, but it is fun.