The weapon of choice in the early stages of a Mental Notes party, because Sprite and 7-Up are both legitimate things to put on a school group's expense account for a party. A standard Nalgene bottle stores enough of the concentrate (just add soda, pop, or some lemon-lime Coke, by region) to make one cup each for 20-40 people, depending on potency and cup size. I've never seen it mixed as a punch, but I don't see why it couldn't.
The Blue Drink is also known as "Electric Jam," "Electric Lemonade," and I'm sure a host of other names. Since those names are attached to several different recipes, confusion is avoided at parties by referring to this drink by its color. It is a medium blue with hints of green from the sour mix, lucidity varying with potency.
Mix top three ingredients and store in Nalgene or other nonporous bottle. Pour over ice and/or mix with lemon-lime soda. WolfDaddy says that by adding a bit of dry ice to the punch bowl, one can create Romulan Ale. Several redneck noders note that with Mountain Dew instead of colorless lemon-lime soda, you get a bright green concoction more aptly named "The Green Drink".