In this paper, we propose a novel approach to enhance the performance of frameless slotted ALOHA (SA) protocol. We employ signature codes to help the receiver identify the packets contained in collisions, and use successive interference cancellation (SIC) for packet recovery. We model the proposed scheme as a two-state Markov model represented by a uni-partite graph. We evaluate the throughput, expected delay and average memory size of the proposed scheme, and optimize the proposed scheme to maximize the throughput. We show that the theoretical analysis matches well with simulation results. The throughput and expected delay of the proposed protocol outperform the conventional slotted ALOHA protocol significantly.