Jandee,
Yes, it could be colon cancer. Fortunatly, most of the time that is not the case. It could be a number of things depending on the color of the blood, how much, etc. Ranging from hemeroids or anal fissure, to colon cancer.
Any blood with your stool should be talked over with your doctor.
If you have any questions about the tests they might do or anything, feel free to ask.

Good luck and try not to worry.
Take care,
Lori