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Place the raspberries and lime juice in a blender; process until smooth.
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Combine water, sugar and champagne in a medium saucepan, bring to a boil.
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Reduce heat; simmer 1 minute or until sugar melts.
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Remove from heat, stir in raspberry puree.
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Pour the mixture into a large, shallow baking dish.
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Cover and freeze 8 hours.
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Remove dish from freezer and let stand for 5 minutes.
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Scrape entire mixture with a fork until fluffy.