I have a growth! (Pic included)

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I thought it was a skin tag but it's really sore (hence not being able to shave my pits! Sorry about the stubble.)

Upon closer inspection it a pears to have a hair in it?
Can skin tags and ingrowing hairs combine to form an unusual and painful hybrid?

What do you suggest I do to rid myself of the monstrosity?

Appears*

Tweezers!

Get a hot flannel, as hot as you can bear. Get a cotton bud and push the opposite way to the direction the hair grows. When the hair is close to the surface, get the tweezers and get that bad boy out! My tried and tested method of removing ingrown hairs.