Line an 8x8-inch pan with waxed paper; coat the paper with vegetable oil.
Combine 1 cup sugar, jellied cranberry sauce, and raspberry Jell-O® mix in a saucepan over medium heat, stirring until sugar and gelatin have dissolved. Bring to a boil, reduce heat to low, and simmer 20 minutes, stirring often.
Mix walnuts into candy.
Pour candy into prepared pan and let set at room temperature overnight.