Combine 1 1/2 cups water, sugar, cinnamon, and cloves in a small saucepan; place over medium heat, and bring to a boil. Reduce heat, and simmer 10 minutes, stirring occasionally.
Dissolve cornstarch in 1/4 cup cold water, stirring well. Add to syrup in saucepan, stirring with a wire whisk; return mixture to a boil. Remove from heat, and stir in wine. Cool to room temperature. Remove cinnamon and cloves; discard. Set aside 1 cup syrup.
Combine 2 cups peach slices and remaining syrup in a large mixing bowl; set aside.
Place remaining peach slices and reserved 1 cup syrup in container of an electric blender; process until smooth. Combine with peach slices and syrup. Cover and chill thoroughly.
Ladle into chilled serving bowls. Garnish each serving with a dollop of whipped cream; sprinkle with blueberries. Serve immediately.
Note: Frozen peaches and blueberries may be substituted for fresh, if desired.