Combine ice milk, 2 tablespoons brandy, and 1/4 teaspoon almond extract in a medium bowl, stirring until smooth.
Spoon mixture into a freezer container; cover and freeze until firm.
Melt margarine in a medium skillet; add sugar, and cook over medium heat until mixture is bubbly.
Add 2 tablespoons brandy and sliced peaches; cook 3 minutes or until peaches are render, stirring occasionally.
Remove mixture from heat,- stir in 1/4 treaspoon almond extract.
Cover and chill.