Mix the limeade concentrate, sports drink and rum, and refrigerate up to 24 hours. Your punch will be well chilled, and you won't need to rush at the last minute to prepare it.
Add extra color and flavor to your punch with flavored ice cubes or small ice molds. Arrange small lime slices and maraschino cherry halves in ice-cube trays or small molds. Pour lime-flavored sports drink over fruit. Freeze at least 2 hours.