In 1-quart saucepan, heat sugar, water and gingerroot to boiling over medium-high heat. Boil 1 minute or until sugar is dissolved. Remove from heat. Cover; steep 15 minutes. Into small bowl, strain syrup mixture through fine-mesh strainer; discard ginger. Chill syrup in bowl of ice water or refrigerate until chilled.
In large pitcher, stir syrup, white cranberry-peach juice, vodka, wine and lime juice. Serve over ice and peach slices. Garnish with lime wedges.