Hey Hooper -
If it is a wart, and only the lab will be able to tell you that, then your wife is at risk for getting warts.
Genital warts aren't associated with cervical cancer. They are considered low-risk HPV, meaning they don't cause increased risk for cancer.
If it is a wart, then the only thing you can do is wait it out. HPV clears from the body within 2 years in 90% of those who have it. It's incredibly common - 90% of those who are sexually active will get it at least once in their lifetimes.
But don't panic. You had protected oral and protected sex, right? Condoms offer significant protection for HPV. Chances are good that this is just a skin tag. I'm glad your doctor biopsied it.