Preheat an oven to 350 degrees F. Fit the pie crust into a 9-inch pie plate and fold and crimp the edges as desired. Lay a large piece of foil over the dough and fill with pie weights or raw rice. Bake until the dough begins to dry and set but is still very pale, about 12 minutes. Remove the weights and foil and continue to bake until the dough is golden brown, 15 to 20 minutes more. Set aside to cool completely on a rack.
Put the cream cheese, sugar and 1/4 cup water in a large bowl. With an electric mixer, beat on medium-high until light and smooth, about 2 minutes. Pour into the cooled pie crust and smooth out into an even layer. Top with the peach slices, loosely cover with plastic wrap and refrigerate until chilled, about 2 hours or up to overnight.
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