Place 1 cherry in middle of each lychee to look like an eyeball. Place 1 lychee into each of 12 sections of 2 ice cube trays. Divide sparkling water evenly among sections with lychees. Freeze at least 8 hours or until firm.
In punch bowl, stir punch, pineapple juice and carbonated beverage. Just before serving, float ice cubes in punch.