The secret to this little marvel is an old southern treat called Cherry Bounce. There are a variety of recipes around, but I've used this one happily for years. Quite good on its own (chilled, definitely chilled), it works magic in this cooling concoction.
Cherry Bounce
1 pound Cherries, washed and stemmed
1/2 lb. sugar (try demerara for a nice molasses twang)
1 fifth of whiskey I recommend a locally made corn whiskey (un-aged preferably), but any mid-grade bourbon will do. Nothing so good it's a sin to alter it, nor so bad that you can't drink it on it's own. Absolutely nothing blended with grain alcohol-straight bourbon or Tennessee whiskey.
Add cherries to a large jar, pour over the sugar, pour in whiskey. Shake a few times a day till the sugar is dissolved. Let sit for not less than four and not more than six weeks. Strain the liquid and bottle. Do not (Do not!) eat the cherries.
For the atomic cherry limeade, you will need water, ice, cherry bounce, and the following mixture.
Lime juice mixture:
Equal parts sugar and lime juice, shaken together and chilled.
Combine:
1 jigger each lime juice mixture and cherry bounce in a glass of ice. Add 2 jiggers water or soda. Garnish appropriately.
The same lime juice mixture may be used in a charming fruity rum drink. Use equal parts of lime juice stuff, good white rum (the stronger the better), orange juice, and pineapple juice. It's quite strong, but a great way to wind down, or up, or both.