In a large pitcher, combine the wine, vodka and lemonade; stir. Add the peaches and raspberries. Cover and chill at least 6 hours, or until nice and cold (overnight is fine too).
Just before serving, stir in the club soda.
Notes
If you'd rather use regular vodka, add 1/2 cup of peach or raspberry nectar to the recipe. You can find nectar in your market's juice aisle (look for KERNS nectar).
Add a tablespoon or two of sugar if you'd like a sweeter sangria.
This recipe can be easily doubled.
If you are making this recipe as GLUTEN-FREE, just be sure to use a brand of lemonade concentrate that is known to be GF.