Had one a few years ago.  I took about 6 weeks off running and then did very moderate mileage with plenty of recovery between runs for at least 4 months.  Biking didn't bother it too much.  It will take time for the muscle fibers to heal without a good blood supply in that area.
 
There are a couple of surgery options available.

After talking with poeple smarter than I...we thinks its an inguinal hernia. Not sure how to proceed, I think I will still run this weekend and if pain becomes too excrutiating I will readdress my decision. After all its a 80% chance of thunderstorms with 20+ mph winds, how can you not run in those conditions.  
Thanks for the input!

Being of the medical profession, I will offer what I know about hernias:  if exercise is starting to make it hurt or enlarge, best to back off, see a surgeon, and get it repaired.  My son (16 yrs old, so counts as an adult as far as surgery and recovery) just had bilateral inguinal hernias repaired; he was pretty painful for 1 week and completely out of sports for 4 weeks.  But 8 weeks after surgery, he is back into track practice.  So if you have your heart set on any particular summer/fall races, there is a time frame to think on.
There are "hernia wraps" they sell that basically put pressure on the area to hold everything in place.  I am not sure how well these work though.
If herniated area becomes acutely more swollen, very painful, or discolored (purplish) or you feel nauseous from the pain, you need to go to ER immediately -- could be a torsion.
On that cheery note, good luck.