Fill a tall glass with crushed ice. Add cranberry juice, vodka, rum, and lime juice; stir. Stir in simple syrup. Garnish with a lime wedge.
To make simple syrup: Stir together 1/2 cup water and 1/2 cup granulated sugar in a small saucepan; bring to a boil over high. Remove from heat, and cool completely. Pour cooled syrup into an airtight container. Store in refrigerator up to 1 week.
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