The film begins on a cold night. Two men in fancy dress (one is in a mum outfit, the other in a hooker outfit). They make ways and the man dressed as a hooker is brutally killed by a mask wearing killer. Meanwhile the mans girlfriend (Julie Strain) is waiting outside for him. Soon she is murdered too by the mystery killer.
We then head to morning and we meet Shawn (Danny Wolske) as he attempts to sort out various paper-work in his new job. We then meet the heroine Maddy (Debbie Rochon) as she heads up to take an interview with him. Shawn notices that she did not place anybody under who to call in case of emergency. Maddy tells him that she has no parents. Shawn accepts it and puts his name down instead. he then takes Maddy to her new office.
Later Maddy is having dinner in her apartment. She appears to talk to imaginary people and seeming receives a letter from her parents congratulating her on her new job. She seems happy and thanks herself. That night she sees a vision of both the starting deaths. She awakes scared.
Later on in the week Shawn asks Maddy out for a date. She agrees excitedly. At the end of the date they end up in bed together for the night. Shawn afterwards asks Maddy is she wishes to head to a pool party with some of his friends. She agrees.
Maddy makes it to the pool party late (despite another couple making it late but they are told by the pool party's host Tillie (Orly Tepper) that they are not late as nobody is naked). There Maddy meets up with Shawn's friend Chris (Allen Nabours) and the couple Peter (Ronny Gene Blevins) and Laura (Laura Nativo). Later that night as they get into the hot-tube (most of the guests having left) the group start talking about a 'murder club'. Maddy seems confused at the commotion and leaves to do some shopping, Chris leaving her with the words. 'You never know when you'll need the club's help'.
That night two of the party-goer's, Karen and Keith, are murdered by the killer. Also that night Maddy has a flashback going back to when she had aborted her baby. Her mother (Brinke Stevens) casts her out of the house calling Maddy a Murderer. The father (Lloyd Kaufman) tries to halt the events but cannot speak. Maddy wakes up upset.
The next day Maddy after a shopping trip starts an argument with a woman, Maddy suddenly kills her by smashing her head against a large sturdy post. Maddy awakes at home, blood covered. She realizes what she has done and she calls up Shaun. He races over in shock about what happened. He tells her not to worry and that he'll give her an alibi.
The next day Maddy heads over to Tillie's home but stops when she hears talking. She listens in to the conversation. There she discovers that the 'Murder Club' was all a joke. As they talk Shaun tries to make the others give Maddy an alibi. Chris agrees on giving an alibi however Peter and Laura want to ignore everything that happened. Tillie however believes they should head to the police.
Maddy heads home upset by the revelation. Shaun arrives and the two sleep together again. However Shaun feels something is wrong and leaves early. In her sleep she has a vision of Peter and Laura being killed.
The next day she heads back to Tillie's home. However she quickly hides behind a car to avoid being seen. Tillie talks about finding Peter and Laura's body's. Maddy soon falls asleep and witnesses the death of Tillie. Maddy is woken up by a woman. She goes to Tillie's home only to find her dead. She then races over Chris's home because she believes Shaun is causing all the deaths. Maddy then remembers something and races over to Laura's and Peter's home. There, while Chris attempts to stop her from seeing, she finds the dead bodies.
She heads back to her house while Chris heads over to Shaun's to look for evidence. Also at the same time Shaun is over at Chris's home. Shaun quickly arrives at Maddy's house. There she attempts to attack him, he retaliates and tells Maddy that Chris is the murderer. He shows a mask and knife saying he found them in Chris's home. He then tries to get to Maddy but before he can in is felled by an axe blow by Chris.
Maddy, shocked at what happened, demands an explanation. There Chris admits to the murders saying that he did so because he wanted Maddy. The first death was originally the head of the company. Killing him made Shaun head and gave Maddy a place to work. He then killed the various people who wanted to stop Maddy from being with him
Maddy strikes him and a small chase begins with Maddy stuck in the bathroom of her flat. In a very Shining-esque moment Chris takes the axe and starts to chop down the door. Before he can reach Maddy however she hits him with a set of scales and runs. She is then trapped in the bedroom and we cut to black.
We finally head out to the road to Vegas. Chris, in his car pulls over, as does another car. The man inside asks for a tire-iron. Chris gets one and considers killing him until he sees he has a wife. They talk for a moment and Chris tells him that he is heading to a wedding. Chris, after helping, and watching the couple head off heads back to the trunk. He opens it revealing, a still alive and tied up Maddy. He smiles before shutting the door and driving off to Vegas.
The script, as originally written, was entitled, 'The Murder Club'. As production commenced, the title was changed to "Make Em Bleed', then simply shortened to 'Bleed' while the film was in post-production. In the Office Building there are many different posters for earlier films of director Charles Band. These include his films Curse of the puppet master (1998) and Crash and Burn (1990)