My recommendation is to soak it. Warm water, epsom salts if you have them but just really warm water will help immensely. Clipping the hair around it is a good idea both so that you can see it better and also to keep the hair from matting down and creating a closed area that can fester and get worse. In addition, the seepage from an open sore can spread under the hair and make the sore larger (we see this often in thick-furred dogs).
I'd also find a way to discourage her from licking. Licking it will probably retard healing. Some dogs become so entrenched in a licking habit on the paws especially that they actually lick sores on themselves. A sock, taped around the top (not too tightly, just enough to keep it on) may discourage her - as might something yucky tasting like Bandguard.
I'm not big on recommending putting topicals on a wound like this. First, the dog will probably lick them off. Second, putting a topical on (ointment, etc.) often makes a person think they're helping the wound when soaking, clipping and soaking some more helps more. I don't recommend hydrogen peroxide for anything that could be potentially a puncture - hydrogen peroxide often causes a seal on the opening to a puncture wound and then the wound festers and gets worse (I've seen this - suddenly the wound will pop open full of pus even though it appeared to be healing). H2O2 is fine on scrapes. I just don't use it at all after having seen its bad side (back in the '80's, with a puncture wound on a horse I owned .. awful mess because I didn't know any better).
If soaking 3-4 times a day for ten minutes or so doesn't show an improvement within a day or two, then it may be beyond what you can do without the help of antibiotics. A visit to the vet is certainly recommended if you feel at any point that there's an infection that needs additional help.
The good news is that (as my Mom was always fond of saying): "it's a long ways from the heart" .. *L* .. (she used to tell us this when we were kids and would scrape a knee or cut a finger and be crying - meaning it wasn't going to kill us).
Melanie and the gang in Alaska