I woke up this morning and noticed that I had a small red bump on the right side of my shaft. The surface is smooth but hurts with any amount of pressure. It seems to get even bigger when I am erect.

You might want to go to your doctor to see what this is. It may go right away. But, some STD's such as herpes can stop showing symptoms if you aren't having an outbreak. That does not mean though that you can't transmit it to someone else. Please have it checked before it gets worse.