Cut cake into 1/4 inch slices; arrange half the slices on bottom of 13x9-inch baking dish.
In large bowl, combine sweetened condensed milk, water and almond extract. Add pudding mix; beat on low, well. Chill 5 minutes. Fold in whipped cream.
Spread half the pudding mixture over cake slices; arrange half the peach slices on the top. Top with remaining cake slices, cream filling and peach slices. Chill 4 hours or until set. Cut into squares to serve. Store leftovers covered in refrigerator.