Place peaches, water, and sugar in a medium sauce pan over medium-high heat. Bring to a strong simmer, reduce heat and simmer for 10-15 minutes. Reduce heat and allow to cool. Once cooled, pour peaches and liquid through a fine mesh sieve into a freezer-proof container with a lid. Press firmly on the peaches to release liquid. Set strained peaches asides (reserve for ice cream or yogurt topping). Place liquid in freezer or at least 6-8 hours, preferably overnight.

Combine iced tea and bourbon in a medium freezer-proof container with a lid. Freeze for at least 6-8 hours, preferably overnight.

In a blender or food processor, blend frozen iced tea mixture until desired texture is achieved and place in the bottom of serving glasses.

In a blender or food processor, blend peach liquid until desired texture is reached and place on top of blended iced tea mixture in each glasses.