In a punch bowl, combine lemonade concentrate, vodka or rum (if using), and lime juice.
Slowly pour cherry-flavor, lemon-lime carbonated beverage down side of punch bowl. Stir. Float Strawberry-Lime Ice Ring on top or add ice. Makes 12 to 15 servings.
Strawberry-Lime Ice Ring
Cut lime into thick slices; halve or quarter slices. Remove stems from strawberries; halve berries. Arrange fruit in a 5- to 6-cup ring mold. Pour 1/2 cup of the white grape juice or water over fruit in mold. Freeze. Pour remaining white grape juice or cold water over frozen mixture. Cover and freeze. To unmold ring, dip bottom of mold into hot water for a few seconds. Remove ice ring; wrap in plastic wrap and freeze until serving time. Makes 1 ice ring.