This is more than likely your 2nd set of labia. There are inner and outer labia. Some women have none of the dangling labia, some have 2 and some only have 1. The skin looks similar to the Wattle on a roosters neck just below his beak. It is perfectly normal. The white spots may need to be looked at just to make sure they are normal. Many times they a normal part of the anatomy as well, but it's better to make sure. Some men have white spots that look somewhat like tastebuds on their manhoods.
will this affect anything in my later life though. i am embarrassed about it.
i have the same problem and i dont want to do things with my bf because of it. it is so embarring and i hate it. just letting u know that u arnt alone can someone please help us!