I ID this one as
Hynellum peckii

Not edible but it sure catches your eye.

This fungus was about 3.5" in diameter and was oozing this reddish liquid incased in a membrane.

Here is the underside.

It is a tooth fungus growing under pine.

Here is a close-up of the teeth.

You also can see the membrane where the liquid escaped and the membrane wrinkled.

This reminds me of the fungus I found earlier that I noted that it looked like it was sweating a colorless liquid, on this page:

http://www.mushroomhunter.net/interestingm.htm