In medium saucepan, combine water, sugar and cinnamon sticks to make cinnamon syrup. Heat to boiling over medium heat, stirring occasionally.
Reduce heat and simmer 5 minutes. Remove cinnamon sticks, cover and refrigerate 2 hours.
In a large punch bowl, combine cinnamon syrup, sparkling red juice cocktail, orange juice, lemon juice and soda. Add ice cubes. If desired, garnish punch with additional cinnamon sticks or float fruit-filled ice cubes, orange slices.