Pour 1 cup of distilled water into a 4-1/2-cup ring mold lightly coated with cooking spray. Peel limes, keeping peel in large pieces. Using miniature tree cookies cutters, cut trees from the peel. Place shapes upside down in top of right mold. Save lime pulp for another use. Place cranberries between tree shapes. Rearrange if necessary before freezing. Freeze until solid.
Gently add remaining water; freeze. To use, wrap bottom of solidly frozen mold in warm towel until loosened or dip mold in pan of warm water. Float ice ring, fruit side up, in cold punch.