Irritation from a cold or infection can cause a little blood to be coughed up in your phlegm. However it sounds like you have more blood than phlegm. Sometimes coughed up blood can come from the nose, rather than the lungs. When this happens there is usually a nosebleed also.
You need to have a thorough physical exam by your doctor. A chest x-ray may also be needed. Only then will the cause of the bright red blood and the best treatment be known.
It could be any of a number of things including a lung infection.
Its time to call your doctor or advice nurse; you will probably need to have a chest x-ray and blood tests ASAP. Link:
http://www.pulmonologychannel.com/hemoptysis/ Hemoptyis
Excerpt:
"Blood-tinged mucus in a healthy nonsmoker usually indicates a mild infection and is generally no cause for concern. Indeed, the most common cause of hemoptysis is the least serious