Combine ice milk, 2 tablespoons brandy, and 1/4 teaspoon almond extract in a medium bowl, stirring until smooth. Spoon mixture into a freezer container; cover and freeze until firm.
Melt margarine in a medium skillet; add sugar, and cook over medium heat until mixture is bubbly. Add 2 tablespoons brandy and sliced peaches; cook 3 minutes or until peaches are tender, stirring occasionally. Remove mixture from heat; stir in 1/4 teaspoon almond extract. Cover and chill.
To serve, scoop 1/2 cup ice milk mixture into individual dessert dishes. Top each serving with 1/4 cup peach sauce.