Try Vicks Vapo rub on your nipples.
Punishment Bras
Get some cheap/discount bras (ones you dont mind destroying/using for play). Get them a cup size too small so they are really snug. Put one on and mark with a pen where your nipples are positioned. Then cut a small hole or "X" in this position so your nipples stick out. Wear the bra, apply vapo-rub and put on a t-shirt so you have to go around with hyper-sensitive nipples rubbing against your shirt.
Take one of the too-small cup bras and buy a bunch of cheap buy hypo-allergenic stud-earings. Put them on the cups in a nice pattern with the posts on the INSIDE. Now you have a punishment bra. (Avoid the nipples for this one).
Take one of the bra's and dampen where your nipples would go and put the bra in the freezer. After a few hours, add another teaspoon and freeze some more. When you are ready for some punishment - take the bra out of the freezer and wear it.
If you have a dom - it would be fun to add small padlocks to the clasps for these bras.