I have a small red bump on the side of my vaginia just underneath the hair... it hurts... its not itchy, and there's nothing coming out of it.. its just there.. its not getting any bigger, the skin around it is kind of peeling though, it doenst hurt when I pee or anything, but it does hurt to touch the spot itself.

It sounds like a cyst. You need to have it looked at so you know what is going on. Cysts are not a big deal on the threat scale for the most part but can be extremely painful.

It does sound like a cyst, or it could also be a blister or a boil. I had a cyst before and it was a little painful and red which sounds similar to what you're describing. I recommend you still go to the doctor to get checked just in case, but I don't think you need to be too worried about it.