yeah, it is called smegma...
Both males and females produce smegma. Since smegma can accumulate under the foreskin in males, its presence is less common and noticeable in circumcised males. This has caused the argument over whether circumcisions ought to be performed to impact the related argument over whether smegma is beneficial or harmful. The lack of smegma has been described as a benefit of circumcision for men who neglect their hygiene. In contrast, the loss of subpreputial wetness consisting of natural skin oils has been described as a harm of circumcision for men whose glans could become dry and chafed. Smegma can be removed by wiping or washing the genital area.
read on...
http://en.wikipedia.org/wiki/Smegma