Cool Peach Pie

3/4 cup sugar
5 teaspoons cornstarch
1 1/2 cups cold water
1 package (3 ounces) peach, apricot or orange gelatin
1 1/2 cups frozen unsweetened peach slices, thawed
1 package (3 ounces) cream cheese, softened
3 Tablespoons confectioners' sugar
1 Tablespoon milk
1 1/2 cups whipped topping
1 extra-servings-size graham cracker crust (9 ounces)

In a large saucepan, combine sugar and cornstarch. Stir in water until smooth. Bring to a boil; cook and stir for 1-2 minutes or until thickened. Remove from the heat; whisk in gelatin until dissolved. Add peaches. Refrigerate until slightly thickened, about 20 minutes. In a large bowl, beat the cream cheese, confectioners' sugar and milk until smooth. Fold in whipped topping. Spoon into pie crust, then spoon gelatin mixture over cream cheese layer. Refrigerate until set, about 3 hours.