**Core Concept**
Carcinoma of the penis is a type of malignant tumor that affects the male genital organ, and its features include a predilection for metastasis to regional lymph nodes, a treatment approach that primarily involves surgical intervention, and a relationship between certain conditions and an increased risk of developing penile cancer. Understanding these characteristics is crucial for diagnosis and management.

**Why the Correct Answer is Right**
The correct answer, **C. Hypospadias is a premalignant lesion**, is incorrect because hypospadias, a congenital condition characterized by an abnormal urethral opening on the underside of the penis, is not considered a premalignant lesion for penile cancer. However, a condition called phimosis, which is a tight foreskin that cannot be fully retracted over the glans penis, is considered a risk factor for penile cancer. This is because an uncircumcised man with phimosis has an increased risk of developing penile cancer due to the potential for chronic inflammation and bacterial infection under the foreskin.

**Why Each Wrong Option is Incorrect**
**Option A:** Metastasize to inguinal lymph nodes - This statement is correct, as carcinoma of the penis does indeed metastasize to the inguinal lymph nodes, which are located in the groin area. This is a characteristic feature of penile cancer.

**Option B:** Surgery is the treatment of choice - This statement is also correct, as surgical intervention, including partial or total penectomy, is often the primary treatment for carcinoma of the penis, especially in cases where the cancer is localized.

**Option D:** Circumcision provides protection - This statement is correct, as circumcision has been shown to decrease the risk of penile cancer, particularly in countries where circumcision is more common.

**Clinical Pearl / High-Yield Fact**
A key point to remember is that the primary prevention of penile cancer involves maintaining good genital hygiene, including regular cleaning of the penis and foreskin, and avoiding phimosis through circumcision or other methods.

**✓ Correct Answer: C. Hypospadias is a premalignant lesion**