I recently (within the past 3 days) have developed a small ~2cm diameter bump/inflammation on my penis. At first I thought it was a blood blister but after masturbating it raised up and only the "head" was a red hue. I am having itchy sensations around it. I have not had sex in two weeks and that leads me to believe that it is merely an irritation of some sort. Any help to ease my mind that it is nothing more serious would be hepful.

Could be herpes or other highly contagious STD. Esp. the itchy part sounds like herpes. You need to get tested at your doctors; there are also low-fee clinics to have STD testing done. Lots of times with guys there are no symptoms, but you can still pass diseases on and not even know you have them. Condoms help lower risk, but aren't totally safe. Only "safe sex" is no sex until you're in a monogamous relationship with someone that's also faithful and you've both been tested. 1 in 4 people have an STD right now. Sex with multiple partners is not only dangerous, it's stupid. (no offense. I don't know anything about your personal sex life.) You should Google STDs and Herpes and see if you match the symptoms.

Unfortunately, symptoms of herpes can show anywhere from a day after intercourse up to after a month... so yes, it COULD be herpes.

It could also be an irregular irritation from your sheets, underwear, etc.

I agree with boogie however that you should get checked out at a clinic.