In a large bowl, combine sweetened condensed milk and water. Add pudding mix; beat well. Chill 5 min. Fold in whipped cream and 1 tbsp orange juice.
Place 3 cups cake cubes in 3-4 qt. glass serving bowl. Sprinkle with 2 tbsp orange juice. top with half the peaches, 1/2 cup preserves and half the pudding mixture. Repeat layering with remaining cake, orange juice, peach slices and pudding.
Garnish with almonds and preserves if desired. Chill thoroughly. Refrigerate leftovers.
At the grocery store I go to they make large angel food cup cakes. I take these and cut them in pieces, it works real good.