Run the cans of frozen lemonade concentrate under hot water for 2 minutes to thaw.
In a large punch bowl, add the thawed lemonade concentrate, water, vodka and rum. Stir to combine.
Cover the bowl with a lid or seran wrap and carefully store in the freezer to chill for 12 hours or overnight.
Remove from freezer 10-15 minutes before serving and use a ladle to break up the ice and give it a good mix. Garnish with lemons or strawberries and enjoy!