it sounds like a typical nipple infection. the stringy/warty stuff could sometimes just be the skin that they punched out during the piercing - sometimes the whole bit doesn't come out until later. so don't stress it too much.

i think the best thing to do would be to go to your doctor. if you went to a reputable piercer, then i would actually suggest going to them (because they typically know a lot more about piercings than drs do) - but if your piercer had been reputable they would have sent you home with aftercare instructions, including what to do should you wish to grow the piercing out again.

most likely, your doc will give you an antibiotic to help it clear up faster. the other thing you can do is to make a saline solution and bathe the piercing site in that for 10mins each day. this helps draw the pus out, makes the inflammation go down, etc.

you can find instructions for making up a saline solution here: http://wiki.bmezine.com/index.php/Salt_Soaks Important!! Don't use more salt than recommended, that will burn the piercing area and cause more problems.