To prepare fresh peaches: boil a quart or so of water in a large saucepan. Put cold water and ice cubes in a large bowl. Do not fill either the pan or the bowl above half way! Have a strainer ready in the sink. Score an x on the top of each peach. Gently place peaches into boiling water and boil for 2-3 minutes. Drain peaches in the strainer and then put them in the ice water. The skin should easily slide off.
Remove pit from the peaches and halve or quarter or slice as desired. Try to save any juice from the peeling/pitting process. Pour over the cut peaches plus enough water to almost cover them. Add 1/4 to 1/2 cup of sugar depending on the sweetness of the peaches. You should have approximately 4 cups of fruit and juice.
Heat fruit and butter or margarine in a sauce pan and pour into a 2 quart baking dish which has been oiled or sprayed with cooking spray.
Mix all other ingredients.
Pour evenly onto heated fruit.
Bake 30 to 35 minutes until top turns golden brown. Best served warm.