I feel your pain, literally, because I have one of these right now! It might be a cyst or nodule, or it could be a huge zit.
When I get one of these, I usually put some ice on it in the morning to reduce the swelling, inflammation, and redness. Just put an ice cube in a plastic bag and gently hold it against the zit for about 5 minutes max. You can ice it throughout the day if you like, these zits can hurt and this helps to take away some of the pain!
If you notice the zit getting smaller or going away, continue using the ice because it's working! If you aren't noticing much of a difference, try applying a warm washcloth to the zit, this helps bring it to a head, so you can drain it.
If you drain it, make sure to follow these instructions: http://www.acne.org/pop-a-pimple.html
Something else you might want to check out is the ZIIT Method: http://www.acne.org/the-ziit-method.html
Hope this helps!