In a small saucepan combine the peaches, water, and sugar, stir until sugar is dissolved, and bring to a boil. Reduce the heat and simmer for 10 minutes. Remove from the heat and allow to cool completely. Transfer mixture to a bowl and using an immersion blender or transfer mixture to a blender, puree until very smooth. Place in the refrigerator and chill for 1 hour. When ready to serve , place 2 tablespoons of the peach puree in a champagne glass and top with your favorite chilled champagne. Yield: 1 quart of punch