Hey Thanks alot Dave! 
As you can already tell this is a slightly embarassing subject for me.
I can flex my pectorial muscles and make the muscles buldge and tight, but when relaxed the area around the nipple itself is a little bit squishy-while everythign else underneath is harder. I'm kindda just hoping this is a little bit of baby fat I can burn off... :-/
ok - so obviously my opinion is no substitute for a real doctor's (especially since i am just going by your photos)
but, if, when relaxed, the area under your nipple or near your nipple is pretty squishy, it's probably subcutaneous fat, possibly mixed with some glandular (doubtful, but no one will really be able to tell you that until they cut you open and look under the hood)
the side pics are always the kicker, it seems - the whole profile view puts things in better perspective, and GodWasAngry's post might hold some validity -
you definitely don't have full-on gyne (i didn't either, but it still bugged me). if you don't feel any fibrous/glandular tissue around the nipple area (not talking the muscle part, just talking the area above the muscle), then it's just fat cells that you're pinching.
those fat cells probably got distributed to that part of your body when you hit puberty (probably due to your increased weight when you were younger, as you said in your post, which also could have contributed to slower testosterone growth during that same time).
so - as i said before - because you're still pretty young, continuing to lift weights should help boost T and all the weight training could possibly change the look of your chest (along with your entire body). of course, there's no guarantee and the problem with fat cells is that they can't be "spot reduced" to decrease in size... with time, you might be able to "burn it off," as you said, along with other fat cells on your body, but - again - no guarantees
even if there isn't an improvement, you don't hvae a very bad case at all. i think you look fine as is.
but, if you hit your twenties and are still at square one and just cannot deal with it, lipo could help (for me - it was more of a mental boost than physical).
just know that, since there doesn't seem to be much there, the change you'd see from lipo might be pretty marginal (as doctors had told me). for me, though, any change was better than no change. (and surprisingly, even though most docs told me there wasn't much fat in my chest, my PS apparently took out 400cc's of subQ fat cells - which was alot, especially given my small frame)
best wishes
