I have a friction burn on my penis from masturbating and was wondering if it is safe to masturbate while the wound is still healing ?

No: Any open wound should be given time to heal - continued friction may delay this leaving it more open to infection. Take a break! Make sure you are using a water based lubricant to avoid this in the future. If you are masturbating too frequently and it is causing you excessive worries or guilt talk to your pediatrician. It's a normal part of sexuality - but too much of a good thing can be worrisome