Nice question! Wiki has some interesting facts and more
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The epithet "Bloody Mary" is associated with a number of historical figures—particularly Queen Mary I of England—and fictional women, especially from folklore. It is believed that inspiration for the cocktail was the Hollywood star Mary Pickford previously, a similarly red cocktail consisting of rum, grenadine, and Maraschino had been named after her.needed Other sources trace the name to a waitress named Mary who worked at a Chicago bar called the Bucket of Blood.

In 1934, the cocktail was called "Red Snapper" at the St. Regis Hotel, where Petiot was hired at the time. It was here that Tabasco sauce was added to the drink, and the name "Bloody Mary" eventually won popularity. In the 1960s it became popular to serve the cocktail with celery due to a guest at The Pump Room at the Ambassador East Hotel in Chicago.

The name likely refers to the blood-like color of the cocktail.
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Even has directions on how to make one too!

http://en.wikipedia.org/wiki/Bloody_Mary_(cocktail)

Being a history buff, I can't think about this drink without having a short visual of 'Bloody Mary' of England.

Being Heny VIII's eldest child and second sibling on the throne, she wrecked havoc in England by ruling with her Catholic thumb shortly after Henry's Church of England was set into place.

Since Chris has closed the door on this answer, I'll just have to add that it's just bloody delicious after a hangover!

cos of the tomato juice ... which is red like blood

I can't add any more to the history presented in the above answers but I can tell you what I like about the drink itself is the fact is that it does not appear to have a single recipe that all agree on. Yes, the basic ingredients are vodka and some type of tomato based juice. But it seems to have the most variations of any mixed drink I have enjoyed.

When I go to a new bar in my travels, I like to try their version of the Bloody Mary. Generally, the best ones I have had were in the Chicago/Milwaukee/Northern Wisconsin Region. They know how to make great beer and a great Bloody Mary! In fact, when you order a Bloody Mary in this region, they usually provide you with a nice short glass beer as a chaser. Something that is not done here on the east coast - disappointingly

The best version I've had was in a place called Billy Bob's in Tomahawk, WI. They add a dill pickle, mushroom, pepper jack cheese cube, olive and shrimp in addition to the gigantic celery stalk with leaves. It has horseradish and Worcestershire sauce and hot sauce. It comes in a huge glass and has celery salt on the rim. It's perfect for that morning pick me up. So when you are heading up to the "North Woods" from Chicago, stop by Billy Bob's.

The most unusual version I came across this summer was at AJ Bombers in Milwaukee. They present it with a skewer placed on top of the glass with about 1/4 of a fully cooked cold cheeseburger wrapped in a strip of bacon.

I like a twist from a bartender in the Pocono Mountains of PA at Split Rock that adds A-1 steak sauce instead of the Worcestershire sauce. When I make these at home, I use V-8 vegetable juice instead of plain tomato juice. Oh, it's soooooo good that way.

Thanks for asking the question and I hope to see many more great variations to try!

The classic cocktail Bloody Mary was invented in 1921 at the legendary Harry’s New York Bar in Paris.

There are numerous version of bloody Mary – some are much hotter and spicier than the others. Ingredients may include horseradish sauce in addition to or instead of Tabasco sauce. More or less tomato juice and lime juice instead of lemon. Sometimes the glass is decorated with a sprig of mint.

Cause it is Red like blood and it makes you feel Merry!

Despite the usual connection with Queen Mary of England, which is itself unexplained, I currently find more convincing the story that it was named after a barmaid Mary at a Chicago bar called "Bucket of Blood". This is the explanation, according to Reuters, offered by the granddaughter, Carol Bradley, of the inventor of the cocktail, Fernand Petiot.

It also is the explanation offered by Petiot himself in a 1972 interview a few years before he died. But Petiot's stories and claims are not always consistent or accepted.

It is also possible, without contradiction, that the name "Bloody Mary" has for centuries been applied to any villainous or mock-villainous woman named Mary because of the mild vulgarity and semi-sacrilegious nature of the epithet. From there to the cocktail is a short step.

According to Wikipedia, Petiot has another claim to fame:
"Petiot set a record in a beer-drinking contest at Harry's New York Bar on June 15, 1925, when he drank a two-liter glass of beer in 46.5 seconds." That's pretty good for a Frenchman. And, yes, that was during Prohibition, but Harry's New York Bar was in Paris.