I have what I believe is an ingrown hair on my scrotum and it seems to be a small elevated bump slightly red with a hair coming out of it what do I do?

Good hygiene. No intervention is needed except for a good hygiene . You can apply triple antibiotic ointment couple of times a day.
Leave it alone. leave it alone you only can make it worst by playing with it or try tremove it if it becomes infected see a doctor you can apply dome topical triple antibiotic but do not squweezed or dig into it.