I have a hard ball like lump on the lip area of my vagina. its sore to the touch and itchy a bit. kind of looks like a pimple. what on earth could it?

Sounds like a cyst: From the description you gave it sounds like a cyst. They can be very hard because they sometimes have calcium in them. I definitely recommend you see a gyn or a dermatologist to confirm the diagnosis and they can discuss with you removing it.

Many things : There4 are several possibilities and an examination will be needed to determine the cause and treatment. Possibilities include a pimple, a hair follicle, a cyst, herpes outbreak, a wart, small infection and others.