Add the peaches, sugar, lemonade, and peach nectar (or vodka). Cover and blend until smooth.
Pour the lemonade into glasses. Garnish with fresh peach and lemon slices. Serve immediately.
Notes
If you prefer to use fresh peaches, peel them, remove the pit, and slice the peaches. You'll need about 3 cups. Pop them in a food storage bag and freeze the slices for a few hours before making the lemonade, or add 2 cups of crushed ice into the blender with the fresh peaches to get the slushie effect.