Cupcakes: Preheat oven to 350 degrees. Line a cupcake pan with paper liners. In a large bowl, combine cake mix, cherry juice, water, butter and eggs. Mix until well blended. Fold in maraschino cherries. Pour batter into prepared liners and bake for 18-20 minutes.
Frosting: In a large mixing bowl, cream butter and shortening with electric mixer until light and fluffy. Add the confectioners' sugar and mix well. Add lime juice and extracts. Mix in just a dab of the green and yellow food coloring gel to reach desired color. Keep covered and refrigerate to help frosting stiffen up a bit.
Decorate: Pipe frosting on the cooled cupcakes using Wilton tip 1M and top with a stemmed maraschino cherry before serving.