1 (15 ounce) can sliced peaches, drained
1/2 cup white sugar
1 cup butter
1 egg
1 teaspoon vanilla extract
2 cups confectioners' sugar for dusting
Preheat oven to 350 degrees F (175 degrees C). In a medium bowl, cream together the sugar and butter until smooth. Beat in eggs and vanilla until smooth. Combine the confectioners' sugar and vanilla; sprinkle over the peaches. Refrigerate overnight.
Lightly grease a 9 inch pie pan or casserole dish. Using the handles of a spoon or fork, scoop out peaches and set aside.
Place the peaches in a baking dish. Sprinkle with confectioners' sugar, then spread evenly with the remaining powdered sugar. (Note: Make sure to cover peaches completely with the remaining powdered sugar to keep them from rusting. Once peaches are cool enough to handle, peel and cut them into fruit slices.)
Bake in preheated oven for 40 minutes, or until toothpick inserted in center comes out clean. Serve warm.