Preheat oven to 350 degrees. Pour the melted margarine into an 8 x 8 x 2" baking pan, spreading to coat bottom and sides of pan.
Arrange peaches in bottom of pan. Place the remaining margarine in food processor; process 10 seconds; add sugar; pulse 20 seconds. Add eggs, vanilla and almond extracts and 2 tablespoons water; process 10 seconds. Scrape down sides of work bowl; add remaining ingredients. Pulse until batter thickens.
Spread evenly over peaches.
Bake 25 - 30 minutes, until toothpick inserted in center of cake comes out clean. Cool on rack 2 minutes. Loosen around edges with metal spatula and invert onto serving plate.