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If using, place coarse salt or sugar in a shallow dish. Rub rims of margarita glasses with lime wedge and dip rims into salt or sugar and shake off excess. Set aside.
In a blender, combine limeade concentrate, orange juice and grapefruit juice. Cover and blend until smooth. With the blender running, gradually add ice cubes, blending until slushy. Pour into glasses. Garnish with lime slices.