Combine 1/4 cup sugar and water in a small saucepan, and cook over medium heat until golden, stirring occasionally. Pour mixture onto an aluminum foil-lined baking sheet. Tilt baking sheet to spread mixture to 1/4-inch thickness. Cool completely; break into small pieces.
Combine grapes and next 3 ingredients in a large bowl; toss gently. Combine champagne, orange juice concentrate, and 2 tablespoons sugar; stir well. Pour over fruit mixture; toss gently. Cover and chill 30 minutes, stirring occasionally.
Spoon fruit mixture into waffle cone bowls; dollop each serving with 1 tablespoon whipped topping. Sprinkle with cracked sugar. Serve immediately.