For the Punch:
Combine all ingredients in a large glass punch bowl and mix well.
For the Ice Cubes:
Color water with desired food colorings and pour into ice cube trays. Freeze until firm.
For the Devil Eyeballs:
Remove the stems from the cherries. Insert a chocolate chip, point side in, into each cherry to make "pupil" of the eye. Stuff cherry into pitted lychee nut fruit.
Ladle some of the punch into each glass. Garnish with ice cubes or devil eyeballs.