In a medium bowl, beat the softened cream cheese with a hand mixer on medium speed until smooth and creamy, taking about 2-3 minutes. Gradually add in the powdered sugar, mixing until fully incorporated and no lumps remain.

Gently fold in the Cool Whip to the cream cheese mixture using a spatula. This should take about 1-2 minutes and should result in a light and airy mixture. Once fully combined, carefully spread this filling evenly into the prepared graham cracker crust.

In a saucepan over medium-low heat, combine the peach jello, cook and serve vanilla pudding, and the required water. Stir continuously for about 5-7 minutes, or until the mixture begins to bubble slightly. Remove from heat and let cool for about 5 minutes.

While the pudding mixture cools, drain the canned peach slices and arrange them evenly over the cream cheese layer in the crust. Allow the peaches to enrich the creamy filling.

Carefully spoon the slightly cooled pudding and jello mixture over the peaches, spreading it gently to cover them. The mixture should be warm but not hot to avoid melting the cream cheese layer.

Place the assembled Creamy Peach Pie in the refrigerator for at least 2 hours or until well chilled.