I am really worried, I've noticed a lump on the side of my vagina. It hurts a lot when I touch it, do u know what it is and how to treat it?

To get an accurate diagnosis you need to be seen by a doctor. It could be a number of things such as an STD (if you are sexually active) or something as minor as an ingrown hair, but only your doctor can give you a proper diagnosis and treatment.

Do you shave down there? If so, it could be a bad ingrown hair. It could also be a boil. Does it feel like a pimple? Or really hard?

Its soft, but when u press it; it's hard, and no I am not sexually active

It sounds to me like it might be a boil. Here is some info on how you can treat it : How to Care for a Boil | eHow.com. You might as well start somewhere. If this doesn't help, I would see a doctor :)