Combine all ingredients (except lime and sugar) in a blender and process until smooth.
Place sugar in low, flat bowl. Run lime wedge around rims of margarita glasses and dip rims lightly in sugar. Alternately, you can dip in salt for a more traditional margarita.
Pour drinks into margarita glasses and serve.
Notes
*If you wish to make a non-alcoholic version (for yourself... or for the children), just leave out the tequila and triple sec and pour in a little orange juice instead. It's still delicious!