my penis is itchy whats wrong?!

Well,...two not really helpful answers so far,...lets see if I can do better.
When you say it burns when you pull it back, I am assuming that you are intact (not circumcised) and therefore one really lucky fellow.
If there is a small 'cut' it is probably from an aggressive masturbation session where you have over stretched the foreskin. You just need to do some simple foreskin stretches to loosen the foreskin so it retracts. Do not worry about the cut as wounds to the penile skin heal very rapidly due to the high amount of blood flow into that area of the body.
When you masturbate, just don't put any tension on the cut for a day or so until it heals.
You do not have herpes or an STD so ignore that one.
The foreskin contains more than 20,000 touch and pressure receptors that represent 75% of the sexually sensitive tissue on the penis. You are way ahead of the circumcised guys.
There is nothing wrong with you. You have a naturally tight foreskin, just like every other intact (not circumcised) man on the planet had at your age. Over 85% of the males on earth are intact for you are on the winning side. The other 15% wish they still were intact.
Follow the information in the links below and work the stretches into the daily shower routine. Let the warm water loosen and relax the skin before stretching. Stretches are to be firm, but gentle, with no pain. Pain is a damage indicator. Over stretching till it hurts can create micro tears in the skin opening that will heal over with non elastic scar tissue, making retraction more difficult. No pain,....ever!
What will happen is the Frenar Band (google it) of muscle that closes down the skin opening will relax and expand enough to allow the foreskin to glide effortlessly back and forth over the coronal ridge of the glans.
There is information in the link from Father Magazine about what to do if the foreskin becomes trapped behind the ridge while you are erect. This can be uncomfortable so read up on it and know what to do before it happens. When/if it does, it means you are making progress, and just a bit more stretching is required to loosen the skin a little more.
You will see some good results in two weeks, with full and painless erect retraction in about 3-4 months. If it takes longer, just keep stretching.
Go to: www.norm.org and read about the reason and function of the foreskin. You will see how very fortunate you are to still have yours, and how misguided are those who promote circumcision for any reason.
Good luck with this.
Mithras

http://www.norm.org/
http://www.fathermag.com/health/boy-care…
http://sites.google.com/site/circresearc…
http://www.network54.com/Forum/244184

Um, several things could be wrong. You could have: Herpes, a yeast infection, have rubbed it raw, have gotten a small cut, have a heat rash, have been sweating too much, haven't been airing it out, have an STD. GO TO YOUR DOCTOR!!!

Put some hairgel on it.