Combine water, wine and sugar in a saucepan. Bring to a simmer over moderately high heat, stirring to dissolve sugar. Simmer until reduced to 1/2 cup, about 10 to 12 minutes. Refrigerate until cold.

Puree raspberries in a food processor. Then, using a rubber spatula, press puree through a sieve into a bowl. Stir in cold wine syrup and Cointreau or other liqueur and chill.

To serve, put 2 tablespoons raspberry syrup in each of 8 balloon wineglasses. Peel the peaches with a paring knife(if they are ripe they should peel easily). Slice and divide among the wineglasses. Serve immediately.