Sounds like you could have a male with a prolapsed hemipenis (his version of a penis). This hanging out could cause some serious problems. As I know of no home remedy to fix this, I recommend taking him to a veterinarian. There you could absolutely confirm the snake's sex, since the "pink thing" could also be the female's hemepenal homologue.
I also highly HIGHLY recommend pinking up a book or two on Ball Pythons. If you aren't even sure where the butt is (actually called the cloaca usually) you are in for some really big husbandry and health problems with your new pet.
These two are the top of the line books on ball pythons:
The Complete Ball Python: A Comprehensive Guide to Care, Breeding and Genetic Mutations by Kevin McCurley
http://www.newenglandreptile.com/
Pythons of the World, Vol 2 by David G. Barker & Tracy M. Barker
http://www.vpi.com/
And here is NERD's care sheet:
http://www.newenglandreptile.com/CareBall.html
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Lincoln, NE
0.1 Pastel, 1.0 Pastel het Pied, 0.1 Pied, 0.1 Cinn, 1.0 Black Pewter, 1.1 Normals, 1.0 Thayeri, 0.1 Thayeri X Alterna, 0.1 crazy cat, 1.0 husband