Congratulations -- you could have
eczema!
A particular brand,
seborrhoeic dermatitis, has been my cross to bear for some time, and what you've described sounds similar. If you do have seborrhoea, the good news is it's treatable and, for the most part, controllable, and as chronic conditions go, it's better than incontinence. The bad news is inflamed, peely skin is just not a good look. Not sexy. But then you probably already knew that.
Of course, you could have any number of other eczema conditions, and the most prudent course of action is not to listen to some jagoff on an internet message board, but to bite the bullet and see a dermatologist. Her or she will probably prescribe some kind of topical cream to take the inflammation down during flare-ups. For what it's worth, I find a cream called Elidel to be effective, and it gives me a (likely false) sense of security knowing I'm not getting the side-effects that come with corticosteroids like Cortaid.