1. Bring first 3 ingredients and 1 cup water to a boil in a 3- to 4-qt. saucepan over high heat. Reduce heat to medium; add peaches, and simmer 8 to 10 minutes or to desired degree of tenderness. Transfer peaches to a shallow dish, using a slotted spoon. Add cherries to wine mixture, and simmer 3 minutes. Transfer cherries to dish with peaches, using a slotted spoon.
2. Increase heat to high, and cook wine mixture about 10 minutes or until reduced to about 3/4 cup. Pour mixture over peaches and cherries. Cover and chill 4 to 24 hours.
3. Beat cream and 2 tsp. sugar at medium-high speed with an electric mixer until soft peaks form. Divide fruit mixture among bowls, and dollop with whipped cream mixture.