I've done my share of bleeding brakes but what you are describing sounds more like the brake booster. Read this:
http://www.ehow.com/list_7166506_sympto ... oster.html
You need to remove the brake fluid filler cap or loosen the bleeder screw, because when you compress the caliper the extra fluid needs to escape through somewhere, you may have forced it to push through a seal and introduced air into the line when compressing the caliper.
I agree with Slumpert that you should take it to a brake shop if you are uncertain, not something to play around with.