It's a fruity, boozy, colorful crowd-pleaser and a cinch to whip up.
If you have the time, squeezing your own grapefruit juice really amps up the flavor, but don't sweat it if you have to opt for the supermarket stuff. Another nice touch: Plan ahead of time and fill a plastic bowl with water and cranberries, then pop it in the freezer. You'll be left with a jumbo, sparkly ice cube that will melt slowly without diluting the punch—and look super pretty, too.