When your cock starts to bleed due to a very toothy blowjob (usually performed by amateurs) or if you should ever happen to somehow cut your cock (ouch) it can be referred to as cheese bleeding. Also it can be used as a code to keep said cheese-bleeding a secret, usually from girls. Funny that. hmmmm.
Guy 1: oh my word, im in so much pain after that cheese-bleeding contest the mrs decided to have last night.
Guy 2: too much info dude!!
Guy 1's Mrs: wtf is a cheese bleed? I only remember going down on you last night and watching a film.
Guy 1: its nothing love, good blow job by the way
Guy 2: Hahahahaha