Preheat oven to 350°. Unroll pie crusts on a lightly floured surface, and roll each into a 10-inch circle. Cut 5 (4-inch) circles from each crust. Roll each circle into an approximately 5 1/2-inch circle.

Coarsely chop 2 cups peach slices. Divide chopped peaches among dough, placing in center of each circle (about 1/4 cup per circle). Pull dough edges over peaches, and gather in center, pinching to seal and form a bundle. Place in a lightly greased 11- x 7-inch baking dish. Arrange remaining peaches around bundles.

Stir together sugar, next 2 ingredients, and 1/2 cup water until blended. Pour over bundles and peaches.

Bake at 350° for 1 hour or until golden brown. Cool 10 minutes.

Note: You can substitute canned or fresh biscuits for the piecrust.