1 (12 oz.) can frozen lemonade, thawed
2 qts. cranberry juice cocktail
2 liters Sprite or other lemon-lime soda
Sliced lemons and limes
Ice

Empty all into large punch bowl. Garnish with sliced fruit. You'll have to adjust quantities to your taste - I find it's easiest to change the amount of soda. Don't forget that as the ice melts the flavors will change.

I find champagne makes an excellent substitute for the soda.