In bowl combine milk and water; pour 1 cup of mixture into saucepan and scald.
Remove from heat.
Stir in beaten eggs.
Return to low heat; cook, stirring constantly until thickened.
Remove from heat and pour into blender container.
Add remaining milk mixture, vanilla, artificial sweetener, and 1 peach.
Process until smooth.
Dice remaining peach; add to mixture.
Pour into freezer trays and freeze until almost firm.
Remove from freezer; transfer to bowl and beat.