Step 1: Preheat oven to 325°. Butter an 11x7-inch baking dish.
Step 2: Tear bread into a bowl.
Step 3: In a large bowl, combine sweetened condensed milk and eggs; blend well.
Step 4: Add diced peaches, peach juice, hot water, melted butter, cinnamon, and vanilla. Stir in bread, moistening completely.
Step 5: Pour into prepared baking dish,and bake 1 hour and 10 minutes or until a knife inserted in center comes out clean.
Step 6: Cool slightly and serve warm with ice cream, whipped topping, or dessert sauce. Cover and refrigerate leftovers.
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