How do I do decent Blood

Ive made (this animation/game thing, but im having problems with the blood on it.

Basically i used frame by frame animation for it, but the problems with this is:

  1. it takes up loads of space. Eg. the blood for the chainsaw scene is 1mb of keyframes :S

2)It slows the animation down, as it keeps having to redraw the frames with the blood in.

So has anyone got a good way of drawing cartoony/realistic blood which looks good, but doesnt take up loads of space or slow the animation down?

Your help would be appriciated!!!