Layer sliced oranges and maraschino cherries in a 10-inch Bundt pan. Cover with 3 to 4 cups of water and freeze until completely set. Run cold water over the Bundt pan to help release the ice ring. Place in the bottom of your serving bowl and top with punch.
If you're serving adults, stir in some bourbon, gin or vodka for a spiked refreshment (they'll still love the ice ring!).
Mix 5 cups ginger ale, 2 cups orange juice and 1/2 cup grenadine in a punch bowl. Add sliced oranges and maraschino cherries. Serve over ice.