I know this will probably make some guys wince, but I actually tweeze any hairs along my penis. It really doesn't hurt as much as you'd think, especially if I'm hard and the skin is taut. It takes longer than shaving, but the results are a smooth shaft for several weeks, and the hairs grow back finer, so there's no worry about them getting ingrown. Having tweezed my eyebrows myself for years, I've got doing it quickly and painlessly down to a science. OK, here come the "ouch" replies, but I swear, it really isn't bad at all.