it sound like you're not really familiar with your body, as you don't seem to know what parts of it even are.
while it's geared towards teens adults are welcome (and i've no clue what age you are), so i'd suggest you to start with http://www.scarleteen.com and also the site http://www.the-clitoris.com/ and view the anatomy sections.
the part you are referring to is most likely the labia minora. it is 100% common and normal for them to extend beyond the outer lips (labia majora). the shape of the vulva (the part of the female genitals that shows outside the body) varies from female to female in shapes, sizes, and colorings. it is based on genetics and nothing can be done short of plastic surgery -just like the shape/size of your feet or ears.