Billye's Peach Cream Cake

1 (7-inch) loaf angel food cake
1 (14-ounce) sweetened condensed milk
1 cup cold water
1 (3 1/2 ounce) instant vanilla pudding
1 teaspoon almond extract
2 cups whipping cream, whipped
4 cups sliced fresh peaches OR
1 (20 ounce) frozen sliced peaches, thawed

Cut cake into 1/4" slices; arrange half the slices on bottom of 13x9-inch baking dish. In large mixer bowl, combine milk and water; mix well. Add pudding mix; beat until well blended. Chill 5 minutes. Stir in extract; fold in whipped cream (I used Cool Whip). Place half the peaches over cake. Spread half the cream mixture over that. Repeat. Chill 4 hours or until set. Cut into squares to serve. This may be made a day or two before serving. It actually gets better and better chillin' in the fridge.