In a large pitcher, combine 8 cups chilled red fruit punch (such as Hawaiian Punch Fruit Juicy Red), 1 chilled 25.4-oz. bottle sparkling apple cider, 1 liter chilled sparkling water and 1 1/2 cups light rum (optional). Mix well. Stir in 1 or 2 thinly sliced oranges and 1/2 cup maraschino cherries. Pour over ice to serve. Serves 8.