Tie spices in cheesecloth bag; place in saucepan.
Add 2 cups of the cranberry cocktail, raisins, and sugar; bring to boiling.
Simmer, uncovered, for 10 minutes.
Remove spice bag.
Before serving, add remaining cranberry cocktail and wine.
Heat almost to boiling.
Pour into heat-proof serving pitcher or bowl.
Serve in mugs or punch cups, adding a few of the raisins to each.