Chill a 13 by 9-inch metal baking dish in the freezer.

In a medium saucepan, combine peaches, sugar, zest, orange juice and water. Bring to a simmer and cook, stirring occasionally, until peaches are tender. Remove from heat and cool completely.

In a food processor, puree half the peach mixture with half the red wine. Repeat with remaining peach mixture and wine. Stir in the lemon juice and taste, adding more if necessary.

Pour mixture into chilled baking metal pan and place in the freezer. Stir every 30 minutes, about 3 to 4 hours, with a fork, breaking up any lumps. Continue until the mixture is firm but not frozen solid. Scrape the granita with a fork to lighten the texture. It should be grainy. Serve in chilled glasses.