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1. Heat oven to 350°F (325°F for dark or nonstick pans). Grease bottoms only of two 8- or 9-inch round cake pans with shortening or cooking spray. Reserve 8 peach slices for garnish; cover and refrigerate. In blender or food processor, place remaining peaches; cover and blend until pureed. Reserve 1/4 cup blended peaches for filling; cover and refrigerate.

1. In large bowl, beat remaining blended peaches, the cake mix, oil, 1/3 cup whipping cream and the eggs with electric mixer on low speed 30 seconds. Beat on medium speed 2 minutes, scraping bowl occasionally. Pour into pans.

1. Bake 8-inch rounds 32 to 36 minutes, 9-inch rounds 28 to 33 minutes, or until toothpick inserted in center comes out clean. Cool 10 minutes. Run knife around sides of pans to loosen cakes; carefully remove from pans to cooling racks. Cool completely, about 1 hour.

1. In small bowl, stir reserved 1/4 cup blended peaches and 1/4 cup peach preserves until blended. Set aside for filling.

1. In medium bowl, beat powdered sugar, butter, liqueur and just enough of the 2 to 4 tablespoons whipping cream with spoon or electric mixer on low speed until smooth and spreadable.

1. Place 1 cake layer, rounded side down, on serving plate. Spread peach filling over layer to within 1/4 inch of edge. Top with second layer, rounded side up. Frost side and top of cake with frosting.

1. In small bowl, stir 3 tablespoons peach preserves; carefully spoon preserves around top edge of cake, allowing some to drizzle down side. Just before serving, cut reserved peach slices lengthwise in half; place on top of cake. Store loosely covered in refrigerator.

High Altitude (3500-6500 ft): Decrease oil to 2 tablespoons; decrease 1/3 cup whipping cream to 1/4 cup. Add 1/4 cup water with the whipping cream.