In a sauce pan over medium heat, combine marshmallows and cherry 7-Up. Whisk together frequently until melted. Remove from heat.
In a separate large bowl, using an electric mixer, combine cream cheese, cherry gelatin mix and lime juice until smooth.
Slowly stir in marshmallow/7-Up mixture to cream cheese mixture until combined well.
Finally, gently stir in drained maraschino cherries, drained mandarin oranges and sliced bananas (slice the bananas just before adding so they don’t turn brown).
Cover bowl and refrigerate for at least 4 hours (preferably overnight) until set.
Before serving, stir in whipped topping.
Optional: garnish servings with a lime twist and a maraschino cherry.