Place the lime and orange slices in a large ring mold (I used a simple bread pan), layering the slices alternately in between each layer. Mix together 3/4 cup each cranberry juice, orange juice and water. Pour the juice mix over the sliced fruit. Freeze until firm, about 6 hours.

Mix the remaining orange juice with the vodka and orange liqueur in a punch bowl. Unmold the ice and float in the punch. Serve over ice in rocks glasses.