If im not mistaken...The Blood Elves are Elves that have hunger for Magic. Thats why in FT SP the Human Elves have the Spell Breaker, can control magical buffs and curses and units.
They are. But their name comes from the siege of Quel'Thalas and the wish of vengance for killing their homeland.
The hunger of magic appeard only due to the corruption of the Sunwell. The Sunwell itself was a source of magic, which they used. But when it got corrupted by Prince Arthas, they felt in hunger, seeking for any magical source for their people.
Blood elves between the Third War and World of Warcraft were physically identical to high elves, save that they dressed primarily in blacks and reds to remind themselves of their terrible losses. Many painted runes or mysterious tattoos on their faces, arms and shoulders for warding off demons or celebrating significant kills or simply to look intimidating  something high elves would never do. As well, they adopted hair styles that went against the norms of high elf society. 15 Nevertheless when approaching Alliance towns blood elves would often disguise themselves as high elves to avoid harm. The sin'dorei likely have life spans similar to high elves (see life spans). How fast they age is unknown but is likely similar to that of the high elves.
Since the destruction of the Sunwell at the hands of Arthas and the Scourge, the blood elves have been forced to deal with the sudden relapse of their addiction to arcane energy. A constant curse since the original Well of Eternity was destroyed, the addiction has become more powerful than ever. Blood elves spend their waking days struggling with their weakness, seeking either to sate it by siphoning magical energy from their surroundings or to resist the urge to feed.
Blood elves are addicted to the use of arcane magic. A blood elf must spend one hour each morning in meditation, resisting the distractions of their addiction. Blood elves have learned to slake their thirst through the absorption of fel energies. If the blood elf partakes of demon’s blood, the magic addiction abates for a number of days.
While the blood elves do not abstain from draining arcane power directly, they are careful to keep their addictions under control, keeping the power their new abilities offer while maintaining self-discipline. Those who lose control over their addiction change into "The Wretched," and invariably fall into insanity and corruption.
As Arcanist Helion (a starting zone quest NPC) says, "Control your thirst for magic...It is a thirst unending."
The other diffirence between High elfs and Blood elfs are the color eye and dress style. Blood Elfs uses red and black dresses, representing to their loss during the siege of Quel'Thalas. The eye color represents their thurst of arcane energy and turning theirselves draining the Fel energy of demons and elementals.
As for the population and status of High Elfs....
Current status
Currently some high elves are trying to find a new homeland, with possibly a new source of magic. They are shunned by most of the Alliance, particularly the night elves. Ranger Lord Hawkspear and Aurora Skycaller maintain a vigil over the Eastern Plaguelands, sheltering their people within the elven lodge there. Deep in the Hinterlands, Saldor Shallowbrook and Jalinde Summerdrake continue their lives, forming diplomatic alliances with other members of the Alliance. In Northrend, a faction of high elves are led by Vereesa Windrunner against the blood elves under the name of The Silver Covenant. Many others decided to stay with the Kirin Tor and are neutral.
Dalaran currently has the highest concentration of high elves.
Some high elves have also joined the 7th Legion, Valiance Expedition, and Fordragon Holds forces.
Remnants of the Alliance Expedition's high elven ranger cadre are currently at Allerian Stronghold.
For futher information, look
http://www.wowwiki.com/Blood_Elf#Culturehttp://www.wowwiki.com/High_Elf#Appearance
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