Place ice cream, milk, vanilla extract, sugar and ice cubes in the Master Prep Pitcher, ice cubes on top. Secure the Pitcher's top and pulse for about 30 seconds, until ice cubes are almost entirely broken up.
Add in peach slices and re-secure the Pitcher's top. Pulse for 15 more seconds until peach slices are chopped into small pieces, but not entirely liquefied.
Serve topped with whipped cream and a fresh peach wedge.