Place the cream cheese and confectioners sugar in a medium bowl, beat with a mixer until thoroughly blended. Fold the Cool Whip into the mixture until well combined. Spread into the bottom of the graham cracker crust.
Place the gelatin and cook and serve pudding into a small saucepan, add the water, stir to mix thoroughly. Heat the mixture under medium to low heat , stirring constantly until it just comes to a boil. Remove from the heat, let cool 5 minutes.
Arrange the drained peach slices on top of the cream cheese layer. Spoon the gelatin/pudding mixture over the peaches. Refrigerate the pie until well chilled.