My favorite Cosmo recipe:

Powdered Sugar
2 parts Cointreau or Triple Sec
2 parts Absolut Citron or Stoli Limon
1 part Cranberry Juice
1 part Lime Juice
Dash of Cherry Juice or Rose Grenadine

Put powdered sugar into a bowl and dip the wet rim of a cocktail glass in the powdered sugar to get that "salt on the margarita" look. Shake remaining ingredients over ice. Pour into cocktail glass. Garnish with a lime.