Whisk together peach preserves and hot water in a glass pitcher until preserves are dissolved. Whisk in bourbon and lemon juice.
Fill a cocktail shaker with ice. Add one-third of bourbon mixture; cover with lid, and shake until thoroughly chilled. Pour over ice into 2 (8- to 12-oz.) glasses. Repeat procedure with remaining bourbon mixture. Garnish, if desired. Serve drinks immediately.
*Seedless blackberry, apricot, or ginger preserves may be substituted.
Quick Ideas: Add garnishes to match or complement the preserves flavor you choose. Fresh blackberries and mint sprigs look great on glasses of Blackberry-Bourbon Sours, while lemon and kiwifruit slices are fancy touches to Ginger-Bourbon Cocktails.