In a 5- or 6-qt. slow cooker, mix the first 6 ingredients. Place cinnamon sticks and allspice on a double thickness of cheesecloth. Gather corners of cloth to enclose seasonings; tie securely with string. Place spice bag and orange slices in slow cooker. Cook, covered, on low 4-5 hours to allow flavors to blend.
Discard spice bag and orange slices. If desired, top punch with apple slices and cranberries. Serve warm.