sebaceous cyst?

Hi,
On my right hand between my forefinger and thumb, I have a hard lump situated on the webbing skin nearest to the main thumb knuckle. Its about 6mm round and moves freely unlike warts, also the skin is not broken except for where i have scraped.
There is no discolouration or pain. It became visible about november 2010 just before xmas, and hasnt grown further.
It causes no pain except when I rub/pressure it hard and consistently ie. when I use a pick, shovel, brush or hammer and then causes pain which is hard to describe - kind of rediates outwards from that point for about 20-40 seconds.
Would I be right in thinking its a cyst of some sort?
What would be the best method of removal - scraping the skin and 35%h2o2 dropped on to dissolve it, or getting a nurse to cut it out?
It is causing inconvenience with the use of my right hand with jobs I have to perform.
What would you advise?

thanks.