1. Combine sweetened condensed milk and butter in heavy saucepan; cook over low heat, stirring occasionally, just until butter melts.
2. Beat cream cheese, vanilla and almond extract in large bowl until fluffy. Gradually add sweetened condensed milk mixture, beating until smooth. Add cocoa; beat well. Refrigerate 5 minutes.
3. Beat whipping cream in small bowl until stiff; gradually fold into chocolate mixture. Coarsely chop peaches, reserving 5 slices for garnish; fold into chocolate mixture.
4. Line bottom and side of 3-quart glass serving bowl with cake slices; spoon in chocolate mixture. Refrigerate 4 to 6 hours. Garnish with reserved peach slices before serving. Cover; refrigerate leftover dessert. 10 to 12 servings.