I've done it before. The orange goes great with orange soda. You will not taste the alcohol at all. My wife gave it to her brother without telling him. He did not notice. *DISCLAIMER* I do not condone this. But it was funny.
There is also another similar recipe floating around, not sure if I still have it. I call the stuff Grampa's Cough Syrup, since it tastes like cough syrup. But it is made by using red hots, some cayenne peppers and a few other things mixed in with vodka.
I plan on trying this really soon, though. I'm skeptical on the not tasting the alcohol claim, too, but I have to at least try it once. Plus, I think an assortment of these would make a beautiful gift basket.