Rinse the cranberries and go through them thoroughly to remove any stems and throw away the "bad ones", ones that are heavily bruised and brownish.
Add water, orange juice, lemon juice and peach schnapps to a sauce pan and heat over medium heat.
Add the sugar and occasionally stir until sugar is dissolved and the mixture starts to boil. You can use less sugar (3/4 - 1 cup) if you prefer a more tart cranberry sauce or increase the sugar up to 1 1/4 cups if you prefer a sweeter sauce.
Add the cranberries and bring back to a boil.
Continue to cook until just about all of the cranberries have popped and the sauce has thickened, usually about 25 minutes or so. Then allow to cool and refrigerate. The sauce will form a gelatin consistency when refrigerated.
**If you prefer a smoother textured sauce, you can pulse it in a food processor right after it has cooled down and then refrigerate.