In a microwave-safe 4-cup measuring cup, combine the jelly and water. Microwave, uncovered, on 100 percent power (high) for 1-1/2 to 2-1/2 minutes or until the jelly is melted.
Stir in the cranberry juice, pineapple juice, and lemon juice. Microwave, uncovered, on high for 4 to 6 minutes or until hot, stirring once.
Serve the warm beverage in heatproof punch cups. Garnish with lemon-peel strips. Makes 5 (6-ounce) servings.