Preheat oven to 250 degrees. Roast New Mexico chiles on a baking sheet until fragrant, about 10 minutes. Transfer to a bowl, and cover with boiling water; let stand until soft, about 20 minutes. Drain, reserving liquid. Remove chile stems and seeds.
Place serrano chiles directly over flame of a gas-stove burner or on a grill. Roast chiles, turning with tongs, until blistered and charred. Transfer to a bowl, and cover immediately with plastic wrap. Let steam for 5 minutes. Peel chiles, and remove stems, seeds, and ribs.
Pulse all chiles with papaya, mango, garlic, onion, cilantro, rum, lime juice, raisins, and cayenne in a food processor or a blender until smooth with some flecks remaining. Add up to 3 tablespoons reserved soaking liquid to thin. Season with salt.
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