Calypso Cooler

1 fluid ounce coconut-flavored rum

½ fluid ounce peach schnapps

7 fluid ounces orange juice

½ fluid ounce grenadine syrup

1 orange slice

2 maraschino cherries

Pour the rum, schnapps, and orange juice into a cocktail shaker over ice. Cover, and shake until the outside of the shaker has frosted. Pour into a chilled glass, pour in the grenadine syrup, and garnish with the orange slice and maraschino cherries to serve.