Why do i have a new skin growth that is itchy and hurts with a red ring around it? could it be a cancer?

Not likely: What you described sounds like ring worm, a fungal infection. You can try over the counter treatment, however, if it is not better in about two weeks, you should consult your doctor.

Ring worm or skin ca: Really sounds more like ring worm. Which is a misnomer...No worm involved. But it could be a fungus which usually looks like what you are describing. Have your primary care md take a look and than get rid of it!