1 quart of the cheap store brand lime sherbet, a 2 liter of 7-up and maybe some rainbow mini-marshmallows. Adults might add a shot of vodka.
Was always a staple at my parents Christmas parties in Ohio but every time I brought it up when I lived on the east coast people thought it was weird/gross.
EDIT: So after reading comments, what I remember as rainbow marshmallows was probably just melted rainbow sherbet on top. My aunt confirmed marshmallows would have been nasty.