Dissolve the package of unflavored gelatin in 1/4 cup of the peach nectar and set aside to bloom.
In a medium saucepan over medium heat add the sugar, dry jello, and the remaining peach nectar and heat until the sugar dissolves. Turn off the heat and add the unflavored gelatin mixture and diced peaches and the juice. Mix well and set in refrigerator for about 45 minutes untilit becomes like raw egg whites.
Whip the cold evaporated milk about 3 minutes, until it becomes frothy. When jello/peach mixture is ready add the frothy milk to it; fold together.
Divide each cake into thirds. Shred two pieces of the cake in the bottom of a 9x12-inch baking dish,that has ben sprayed with cooking oil.
Spoon 1/2 the peach mixture over the cake.
Shred two more pieces of cake over the peach mixture.
Cover this mixture with the remaining 2 pieces of shredded cake.
Slightly press down on last layer to cover the cake crumbs.
Cover top with the whipped topping.
Chill overnight or at least 6 hours.
Keep refrigerated any left overs..