Drain 2 cups finely chopped peaches, reserving juice.
Add water to juice to make 3/4 cup.
Combine peaches, juice mixture, and one 15 ounce can (1 1/3 cups) sweetened condensed milk; pour into refrigerator trays.
Freeze till firm.
Break in chunks; beat with electric beater till fluffy.
Fold in 1 cup heavy cream, whipped, and 1/2 cup slivered, blanched almonds, toasted.
Return to trays.
Spoon into sherbets; trim with slivered almonds.