I have Itchiness, Dryness, redness, peeling of skin, papules, funny odor, and one scab under the head of my penis what could it be?

?yeast. This could be a yeast infection of the head of the penis(balanitis). This may be transmitted by a female who has a yeast vaginal infection. I recommend that you have your physician evaluate you for diagnosis and treatment.
Balanitis. You may have some infection/ulcer under the foreskin. Have it examined and get the appropriate treatment.