Combine 1 cup water and 1 cup sugar in a medium sized glass bowl or measuring cup.
Microwave on high for 2-4 minutes, until mixture begins to boil.
Whisk to dissolve sugar and add 1 cup of ice water, orange juice and lemon juice. Stir until ice cubes are melted.
Add in extracts.
Transfer mixture to a gallon sized freezer bag and freeze for at least 3-4 hours, preferably overnight. Make sure to lay the bag flat so that the mixture freezes in a uniform shape!
Right before serving, remove the bag of frozen slush from the freezer and gently break up into smaller pieces. The mixture doesn't freeze solid, so it's easy to gently press and fold the bag with your hands to break the mixture up.
Pour slush into a medium sized punch bowl. Pour orange soda on top of the slush mixture, gently piercing larger pieces with a fork to break apart. Give it a light stir and serve, topped with sliced oranges.
Notes
*Recipe can be doubled or tripled to use with a large punch bowl. Just freeze the slush separately so that it's easier to break apart.