What am I dealing with?

[SuicidalSalmon]

Hello everyone. This is my first post so bear with me. Two days ago I noticed that my Millenium Rainbow fish had what appeared to be a white cottony growth both right behind its dorsal fin and in the area of its anus. I immediately quarantined the fish and started treatments with an anti fungal medication. The problem near the dorsal fin was clearing up quite nicely after day one. I woke up this morning, and the formerly white and cottony growth that I thought was near the anus is now a long, thick, cylindrical red growth with a fuzzy white tip coming OUT of my fish's anus. The image of it is below. How can I save this pretty fish?

http://farm9.staticflickr.com/8179/7976220420_a078a88a28.jpg (http://www.flickr.com/photos/87153854@N08/7976220420/)
photo (1) (http://www.flickr.com/photos/87153854@N08/7976220420/) by SuicidalSalmon (http://www.flickr.com/people/87153854@N08/), on Flickr

[Trillianne]

Try looking up Camallanus worms... see if that matches what you are seeing.

Its not one I have dealt with, just one I came across while looking up other diseases.