For ice ring wreath, arrange fruit in the bottom of a 6-cup ring mold. Add bay leaves. Add just enough water to cover the fruit. Freeze just until firm. Add water to fill the ice ring. Cover and freeze until firm.
Meanwhile, in a large bowl stir the ice cream to soften. Stir in the bourbon and rum. Cover and freeze until needed (mixture will not freeze firm). To serve, place ice cream mixture in a punch bowl; blend in milk. Unmold ice ring and add to punch.