Use an electric razor. Every single time I wet-shave, on my face or anywhere else, I'll get red bumps and tender skin, lasting for days at a time. Since I switched to electric, I haven't had a single problem. It all depends on your skin type.
Btw, shaving your chest and stomach is perfectly okay, dude. I shave my stomach and down there too, and it doesn't make me any less male. Just a lot cleaner.
