MIX graham crumbs, 1/4 cup sugar and butter in 13x9-inch pan; press onto bottom of pan.
BEAT cream cheese and remaining sugar in medium bowl until blended. Whisk in 1-1/2 cups COOL WHIP; spread over crust. Top with peaches. Refrigerate until ready to use.
ADD boiling water to gelatin mix in large bowl; stir 2 min. until completely dissolved. Add ice cubes; stir until melted. Refrigerate 5 min. or until thickened. Whisk in remaining COOL WHIP; spread over peaches. Refrigerate 4 hours or until firm.
Kraft kitchens tips:
Enjoy your favorite foods while keeping portion size in mind.
Garnish with fresh raspberries and additional fresh peach slices just before serving.
HOW TO SOFTEN CREAM CHEESE
Place completely unwrapped packages of cream cheese in microwaveable bowl. Microwave on HIGH 20 sec. or just until softened.