Have ready a bowl of ice and cold water. Cut an X in blossom end of peaches. In a saucepan of boiling water blanch peaches 15 seconds and with a slotted spoon transfer to ice water to stop cooking. Peel peaches and cut each into 8 wedges. In a small bowl toss peaches with lemon juice.
In an 8 to 9-inch heavy skillet cook sugar over moderately low heat, stirring slowly with a fork (to help sugar melt evenly), until melted and pale golden. Cook caramel, without stirring, swirling skillet, until deep golden, 5 to 6 minutes. Carefully add peaches and cream (mixture will vigorously steam and caramel will harden). Cook mixture, stirring frequently, until caramel is dissolved and peaches are tender, about 5 minutes. Cool peaches to warm and serve over ice cream.
Recipe courtesy of Gourmet Magazine