You didn’t say if you are circumcised. If you are uncircumcised, the white dots might be smegma, which is just a collection of cellular debris underneath the foreskin. Usually this can be gently washed away.
If you are circumcised, these small white dots are most likely oil glands (sebaceous glands) on your penis. Often they are present along the shaft of the penis and are similar to "white heads" (closed comedones) on the face or other parts of the body where oil glands are present. Most likely this is what your bumps are, since you say you can "pop" them and express a white discharge. They are not dangerous and aren’t the result of masturbation (in case you’re wondering).
Another normal and harmless cause of little bumps around the head of the penis is a finding called pearly pink papules, but these don't pop like pimples. You might want to ask your doctor about it the next time you see him or her.
For more information, check out these articles:
Growing Up as a Boy
Just for Guys – All About Puberty
The Normal Penis
Posted 4-12-06
