In small glass bowl, combine raspberries, reserved syrup, water and cornstarch.
TO HEAT BY TIME Set Power Select at HIGH for 4 to 4 1/2 minutes or until sauce is thickened, stirring once.
TO HEAT BY INSTA-MATIC Cover glass bowl completely with plastic wrap; heat on COOK 8.
Just before serving add peaches to sauce.
Serve as desired, over pound cake, ice cream or shortcake.