Stir together the water, orange and lemon juice concentrate, cherry juice and bourbon in a large bowl or pitcher. Cover and place in the refrigerator until very cold, at least 2 hours.
Place some of the mixture into a blender with ice and blend until slushie. Pour into large margarita glasses, garnish with lemon or orange slices and sprig of mint. Repeat with remaining mixture
Recipe courtesy Bobby Flay, 2007