1In 1-quart saucepan, heat sugar and water over medium heat until sugar is dissolved. Remove from heat. Pour into large heatproof pitcher. Cover; refrigerate 20 minutes.
2Add lime juice, tequila, liqueur and cranberry juice cocktail to sugar syrup in pitcher; mix well. Refrigerate until serving time.
3Rub rims of margarita or lowball glasses with lime wedges, then dip rims in salt. Fill glasses with crushed ice; pour margarita mixture over ice. Garnish with lime wedges.