underwater bleeding

This is a strange question. I want to make bleeding that looks realistic underwater. Think of a fish being speared. Right now i have red bubbles that look bad. Maybe having the blood look like it is mixing with the water, might be what i am looking for. Any suggestions would be helpful


It is going to look more like smoke I think:


Are there any examples in 2.49? Your image is what i am looking to make By the way I am using this in game engine