Can you get friction burn from masturbating too much?

Yes. The skin of the penis is just like skin elsewhere on the body. Excessive / continuous friction will cause an abrasion.
Yes. It will depend on how and how often you are masturbating. Skin is skin and friction can separate the top layer of skin from the base layers and a blister can form. To prevent this from happening, use a good lubricant (there are many made specifically for sexual practices) and try to limited use of materials (can lubricate them--ie cloth, plastic and others) and try to cut back on your activity;.