From the 1972 cult film Tales From the Crypt movie comes Joan Collins in "All Through the House." They later redid this for the TV show, but this is so gloriously schlocky, there's no way they could've improved upon it.
Tempera paint red blood? Classic.
By the way, you can get this in a two-pack with the sequel, The Vault of Horror as part of the Midnite Movies line. For both films, it's five bucks at your local Wal-Mart. Normally, I'd never endorse that place, but for cheap-as-hell B-movie horror, it's my one-stop shopping center.