Peach Cheese Pie



1 (15 oz) can sliced peaches in extra-light syrup
1/4 c. cold water
1 envelope unflavored gelatin
1 (8 oz) pkg. reduced-fat cream cheese, cubed
1/4 c. sugar
1 graham cracker crust (9 inches)

Drain peaches, reserving syrup; set peaches aside. In a small saucepan, combine water and reserved syrup; sprinkle with gelatin. Let stand 1 minute. Heat over low heat, stirring until gelatin is completely dissolved, about 2 minutes. Cool slightly. Transfer to a food processor. Add the peaches, cream cheese and sugar; cover and process until smooth. Pou over crust. Cover and refrigerate until set, about 3 hours. Refrigerate leftovers.