In a medium saucepan, combine 1 cup water and 1 cup sugar and bring to a boil. Add 1 cup dried hibiscus flowers or 4 hibiscus tea bags to the hot water.
Add the 1 cup ice to a cocktail shaker and then add the 4 oz tequila, 2 oz hibiscus syrup, 1 oz lime juice and 1 oz triple sec.
Cover and shake well for about 5 seconds. Pour the drink, including the ice, into a margarita or cocktail glass.