Don't worry about "Blue Balls". Check this reply elsewhere for some truth:
As for tease and denial, it can be fun. I don't know how far you guys want to take it, but if you're into orgasm denial and pleasurable torment, then perhaps your wife should look into milking your prostate.
Once you've been completely milked, it should be hard for you to achieve orgasm for a while - although it should be easy to maintain an erection. Perfect for tease and denial play
The process will be pleasurable for you as well, since it feels really good to have your prostate stimulated. People who are into the denial thing hardcore sometimes use ice packs around the penis, to deny the man as much pleasure as possible by keeping the penis desensitized during the milking.