my guess is you use the cotton candy as a substitute for sugar. Think you will wind up with something that doesnt have a lot of flavor. Kind of like a water wine. You would need to add some kind of flavoring to give it something other than alcohol and water. Just my guess, never tried it. Good luck with it, Arne.
There is a winery nearby to me that makes a cotton candy wine. The owner can't stand it but he's happy to take money from people that can. Anyway, they simply add a cotton candy flavoring agent to their wine. I don't know if it is a red or white wine base. Knowing the winery's owner, I'm sure it is something cheap and available like Niagara or some other American grape.