A while back, i had had what i believe a sebaeuscous gland that i may have popped and a while back a lump was starting to occur.. now its very large and red and gets irritated whenever anything comes near it.. also i did notice some yellow liquid come out (almost the same consistancy as urine) when i squeezed it.. its very large and very obnoxious and was wondering if anyone had any clue at what it was

It does sound like a cyst. Get to a dermatologist and have it looked at. They can painlessly remove it for good and you'll be done with it.