1. In 3-quart pitcher, prepare limeade concentrate as label directs. Measure 1 cup reconstituted limeade into 1-quart saucepan; over high heat, heat to boiling. Remove saucepan from heat. Stir peach-flavor gelatin into hot limeade, stirring until gelatin completely dissolves. Stir mixture into limeade in pitcher.
2. Place half of peaches and their syrup in blender; blend at high speed until pureed. Repeat with remaining peaches and syrup. Stir puree and lime juice into limeade mixture. Refrigerate at least 1 hour or until well chilled.