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1. Thaw peaches at room temperature but do not drain. Place peaches and their juice in a blender container or food processor bowl. Add sugar. Cover and blend or process until smooth.
2. Transfer pureed peaches to a 2-quart pitcher. Stir in orange juice and lemon juice or lime juice. To serve, slowly stir in champagne, sparkling wine, or pineapple juice. Serve over cubed or crushed ice. Makes about 12 (5-ounce) servings.