Preheat oven to 375°. Lightly grease the bottom of a small, shallow baking pan.
Unroll the prepared pie crust onto a lightly foured surface. Cut crust into 1/2" wide strips. Place a peach stem side down, and wrap strips of dough, overlapping edges of rows, all the way around the peach, so that it's completely covered. Hint" to make this easier, just 'twirl' the peach while holding the pastry in place, and overlap the rows. When completely wrapped, the upside-down peach resembles a little beehive. Make sure the entire peach is covered and well-sealed inside the crust strips. Repeat this process with the other three peaches. Place them in your prepared baking pan.
Bake peaches in preheated oven until crust turns golden brown, about 35 - 40 minutes.
While the peaches are baking, cream the butter with 1/4 cup of the confectioner's sugar. Cream it 'til it's light and fluffy. Beat in the vanilla extract, allspice, salt and heavy cream until it's all well-blended. Stir in the remaining 1/4 cup of confectioner's sugar.
To serve, place baked beehives in individual serving bowls. Spoon the hard sauce over each beehive.
When it is split open, the pit should fall out very easily. Discard it, and enjoy the fresh peach flesh inside the beehive!