I bled like that, it was from an ulcer up in my TI that was hemmoraging. The blood was coming out so fast it didn't have time to turn dark, so it was also bright red. I ended up being hospitalized for 3 days, they had to go in and stop the bleeding through colonoscopy (no prep either).
I ended up losing half of all the blood in my body, and it all happened quite quickly. So if you keep bleeding in large amounts, I wouldn't fool around with it. Can be quite dangerous.
Have you been taking any NSAIDS lately?