Juice the blood oranges.
In a pitcher, stir together the lime juice, sugar and ¾ cup water until the sugar has dissolved.
Add the tequila, Cointreau and blood orange juice.
Rub the rims of three 6-ounce martini glasses with the cut side of a lime half.
Spread coarse salt or sugar on a small plate and press the rims of the glasses until coated.
Fill a cocktail shaker about ¾ full of ice and measure in 1½ cups of the cocktail mix for 3 drinks. Cover and shake for about 15 seconds to thoroughly chill the mixture.
Strain into the glasses.
Garnish the glasses with a slice of blood orange and a slice of lime if desired.