I have what looks to be a bone popping out on my right foot-about 3'' from my ankle (on the right outside off oot). it is slightly painful if i touch.

Arthritis: If you did not have an injury it may be arthritis or some other type of arthropathy such as gout. You should see a physician and have an x-ray and exam to get a clear diagnosis.

5th metatarsal: If you don't recall an injury recently, it could possibly be your 5th metatarsal bone and the part sticking out would be it's base. Three structures attach to this area, the peroneal brevis tendon, the extensor teritus tendon, and the lateral band of the plantar fascia. You may have an insidious injury to that bone. Please see your foot doctor for evaluation. I hope this helps!