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A few tablespoons of lime juice, a few teaspons of sugar, a couple tablespoons of honey... heat until melted. Add vanilla extract (your call how much). Add juice from a jar of maraschino cherries. Tinker with amount of cherry juice, vanilla, honey, and lime until you've got something that smells like a very rich fruit punch. Boil water, use to dilute the punch as necessary so you've got enough there to add rum to. Add rum to your taste.
Here we go... let's see how well this works out...