Combine water and sugar in a small saucepan and place over high heat. Bring to a boil. Cook until water turns clear. (This should happen immediately). Remove from heat.
Add strawberries and let seep in sugar water (simple syrup) for at least 20 minutes, or until syrup is room temperature.
Use an immersion blender to puree strawberry simple syrup, or transfer syrup to a blender to puree. Transfer to a fine mesh strainer placed over a large pot or container and strain syrup. Discard strawberry seeds.
To strawberry simple syrup add key lime juice, vodka and champagne.
Fill glasses with ice and pour in strawberry key-limeade cocktail. Garnish with strawberries and key lime wedges. Enjoy immediately.