Pour port wine into a small saucepan and bring to a boil over medium-high heat. Remove from heat and let stand for 3 minutes.

Meanwhile, pour the water into a medium-sized bowl and soak gelatin sheet until softened to a rubbery consistency. Stir the softened gelatin into the hot port wine and discard the cold water. Pour the wine-gelatin mixture into the bowl and place in the refrigerator to set, about 10 minutes.

To serve, scrape the jelly using a small spoon and place on top of cured meats and cheeses.