Stir together all ingredients in a pitcher or punch bowl. Serve over ice in low ball glasses and garnish with lime wedges and fresh cranberries, if desired.
Notes
Make sure you use UNSWEETENED cranberry juice. A sweetened variety will make the punch much too sweet.
If making and serving immediately, make sure all ingredients are well-chilled before combining. If making punch in advance, stir in the lemon lime soda just before serving.
I prefer to serve this punch over ice in the glasses rather than add ice to the pitcher/punch bowl to avoid diluting the drink prematurely.