Medically speaking, a hemorrhage is a rapid loss of blood. If you fall and hit your head really hard, the doctors will check to see there's no cerebral hemorrhage, or bleeding in your brain.
Hemorrhage is pronounced HEM-or-edge. Blame the Greeks for the funny spelling, because like many medical terms, this one comes from Greek roots. Besides the medical meaning, we use hemorrhage to mean the uncontrollable loss of other things. If sudden disaster is making you hemorrhage money, you'll have to cut back on fancy dinners and new shoes. Can I recommend frozen pizza?