She appears to have Bumblefoot. It's a staph infection that is either pus or pus that's formed a ball. There are a few threads on here about doing the surgery to remove it. It's very common.
We tried surgery today. I didn't get much pus, even though I squeezed from lots of different angles. I cut the cap off with a scalpel and dug around, but I was afraid to go too deep. I packed it with neosporin, wrapped her foot in vetrap and set her free. She didn't seem much worse for wear. We'll keep checking on her--hopefully the removal of the plug allows the pressure to drain.