Ok I have a medium sized lump a little below the tip of my penis. Sometimes it ejects a creamy white substance kindof like semen, and a small amount of blood. The side of my penis that has the lump is sore but only when I touch it with a decent amount of pressure. What should I do? Thanks.

It might be an infected cyst or ingrown hair, so I would get it removed and if the doctor sees infection, he might give you an antibiotic. The nature of the secretion sounds unusual to me, so it might even be related to your vesicles and blood vessels.
Most lumps (that aren't related to STDs), however, in both men and women, are just harmless cysts, pimples, and growths that tend to grow in moist closed in areas.