Chupacabra - Does it exist?

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Do you believe that the chupacabra ('goat-sucker') exists? I was watching a documentary on the discovery channel about it the other night, and was wondering what other people think. On the documentary they basically talked about the sightings of it, the cattle (and other animals) mutilations, the footprints, and the skeleton that was found. The footprints were deemed by an animal print expert to be fake. The skeleton was found by a zoologist to be that of a dog. Furthermore on the 'non-believer' side of the argument, some Town Sherrif decided to do an experiment. He put an animal corpse in an area typical of where these mutilated corpses are generally found, and did a 'stakeout' to see what would happen to it. They watched the corpse and its deterioration over a few days.They found that the exsanguination 'blood-sucked-dry' look was actually achieved on this particular corpse by the action of various parasites, including blowflies. And the surgical-like 'incisions' and removal of specific soft organs was also achieved by parasites and scavengers. One thing that strikes me, however, is the fact that these effects were achieved over a number of days. What bout cases where this has been seen overnight - could this have been achieved naturally by parasites and scavengers overnight? What about eyewitness sightings? Mass hysteria or 'real'? Most eye witnesses report seeing a red-eyed beast, and of course many animals have red looking eyes at night. But what about the fact that they generally report seeing something walking upright on two legs? Any ideas? Have any of you seen it or had any experiences, or have any theories?