Coughing up blood in the morning?

I have come down with a bad case of the common cold for the past 2 weeks now. My throat is sore along with my ears & chest. Im coughing constantly,almost every minute that goes by & im very blocked up. But within the past 3 days or so every morning i wake up i have a very painful throat which i then end up coughing up blood in my flem & also when i blow my nose blood comes also. Why could this be? Should i take serious action or will it pass?