Believe it or not, if the blood is pretty far in, drilling a hole in your toenail is the best way. I smashed my big toe a few years ago, and it looked absolutely disgusting, big purplish spot of blood under the nail. I think I just took a small drill bit (seriously), steralized it, and then twisted it back and forth between my fingers until I managed to "drill" right through the nail. This seemd like a really creepy thing to do at the time, but it worked. Then I *think* I just stuck my foot under the tub faucet and wiggled the nail back and forth while holding it under warm water, which got out most of it... I'm pretty sure in between that I also poured hydrogen peroxide on it, it didn't hurt but whenever it touched the dried blood it would start fizzing and also helped to get rid of some of it.
I walked around for like a week before trying this, and believe me having a small hole in your toenail is MUCH less visually disturbing than having a freakin purple toenail. You could even "fill" the hole with clear nail polish if it bothered you, but it really wasn't a big deal. It took about a month before the nail had grown enough for me to be able to cut it super short and clip off the part with the hole.
Edit: I was trying to remember how I did this, and I'm pretty sure I dropped my jetski on my foot. Hah.