Put corn or rice cereal, wheat cereal, Melba toast and pretzels in a large bowl; stir to mix. In a glass measuring cup or small bowl, stir together melted margarine or butter, Worcestershire sauce, chili powder, garlic powder, onion powder and ground red pepper. Drizzle over cereal mixture. Toss to coat.
Spread cereal mixture in a 15x10x1-inch (or a 13x9x2-inch) baking pan. Bake in a preheated 300-degree oven about 25 minutes, stirring every 7 to 8 minutes. Remove from oven; stir in dried cherries.
Pour onto aluminum foil to cool completely. Store in a tightly covered container for up to 1 week.