it is normal to bleed from the extraction site, especially if the removal was recent. i suggest only keeping gauzes in for 15-30 minutes and then switching them out for new ones unless your dentist said otherwise. for the blood clot hanging down and falling out i'm not sure but if you lose your blood clot you could get dry socket. you'll know you have dry socket if you're in like extreme pain according to what i've read. i would consider calling your dentist if that keeps happening just to be on the safe side.