For Poached Peach Garnish: Place all the ingredients in a large pot and stir to dissolve the sugar, bring to a boil, reduce and simmer until peaches are slightly soft about 10 minutes depending on the ripeness of the peaches. Remove from the poaching liquid and cool. Slice peaches and decorate plate. For Whipped Cream: In a well chilled bowl with chilled beaters, beat the crream with the vanilla and sugar until firm. Place a blob on top of a piece of cake and garnish. Sugar can be omitted depending on taste. For Meringue: Beat egg whites with 1/3 cup sugar and vanilla until stiff. (it helps to have warmed the bowl and beaters with warm water first then dry before use. This will ensure a high whip) By hand working quickly, blend in the powdered sugar thoroughly. Take a plastic sandwich or pastry tube and pipe out strips of meringue onto a sheet pan. Place in a 250 degree oven for about 1 hour or until dry. This can be done a day in advance and stored in an airtight container.

Place eggs into mixer bowl, add sugar and start mixing on high. Add water all at once, continue beating until mixture is fluffy and pale yellow. Meanwhile sift all other ingredients together and set aside. When the eggs are ready, pour all of the flour mixture into the eggs at once and blend thoroughtly and quickly (or else eggs will drop the volume). pour into a lightly greased 13x9 pan and tap firmly once or twice on the counter to remove the air bubbles. Place in a 400 degree preheated oven immediatley for 10 minutes, or until a toothpick comes out clean. Remove the cake and cool, poke holes into the cake with toothpick and pour the milk mixture on top. Refrigerate until ready to serve. Serve with Poached Peach Garnish and whipped cream or meringue. For Milks: Blend the ingredients with a wire whip and pour over the cake. Any left over makes a great shake with some ice cream and fresh peaches!