This can't really be done in one step. First, you would need to sync the .ics file with an online calendar you use, and then sync that with your phone.
I have been trying to determine the best way to do this lately, and stumbled upon an iPhone app called SportSync. It takes schedules and syncs them directly to your calendar without having to mess with any online calendars. You can also manage your schedules with it. I've found it useful. Hope this helps.
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