Bring 3/4 cup grape juice, 1 can peaches, and spices to a boil in a medium saucepan over medium-low heat; cook 8 minutes. Remove from heat; add gelatin and remaining 3/4 cup juice, stirring 2 minutes or until gelatin dissolves.
Pour mixture into a 4-cup mold. Cover and chill 8 hours or until firm. Unmold and serve with Sour Cream Dressing. Garnish with peach slices and lettuce leaves, if desired.