Preheat the oven to 350 degrees. Unroll the piecrusts on a lightly floured surface, and roll each into a 10-inch circle. Cut 5 (4 inch) circles from each crust. Roll each circle into an approximately 5 1/2 inch circle.
Coarsley chop 2 cups peach slices. Divide the chopped peaches among the dough, place in in the center of each circle (about 1/4 cup per circle). Pull the dough edges over the peaches, and gather in the center, pinching to seal and form a bundle.
Place in a lightly greased 11 x 7 inch baking dish. Arrange the remaining peaches around the bundles.
Stir together the sugar, next 2 ingredients and 1/2 cup water until blended. Pour over the bundles and peaches.
Bake at 350 degrees or until golden brown. Cool 10 minutes.