The answer depends on to what degree your friend is "obsessed," what he is doing to act on the obsession and his age. It's not uncommon for young people to become fascinated with body parts especially when they've been brought up to believe that parts of their bodies are gross, bad or not to be discussed. Well adjusted people understand that body parts under your clothing vary in shape and size but after you've seen a few of them there's nothing there worth going insane over.
If he is just thinking about it, I wouldn't worry too much but if he is acting on it like peeping in windows, feeling other people or anything like that, it's time to get him to some kind of counseling.