Add the frozen limeade, tequila, and orange liqueur into a blender.
Blend on high speed for about 30-45 seconds until the mixture is smooth and slushy, with no ice chunks visible.
Stop the blender and check the consistency; it should be thick, icy, and slightly frosted around the edges.
If necessary, blend a few seconds more until the desired icy texture is achieved.
Pour the frozen margarita slushie into chilled glasses, allowing the mixture to settle with a slightly frosty surface.
Serve immediately with a lime wedge or salt rim for a classic touch, and enjoy this refreshing, icy cocktail.