For our Cinco de July-O party, I carved up a watermelon fruit basket.
Since I didn't want the fruit to get soggy, I poured out most of the watermelon juice as I was cutting it. Before I knew it I had almost a pint glass full of flourescent red juice which was just too beautiful to toss. I left it in the capable hands of C, the house mixologist, to come up with something tasty while I finished prepping for the party.
strained watermelon juice + cruzan white rum = C's watermelon rum cocktail