Heat oven to 400°F. Spray 13x9-inch (3-quart) glass baking dish with cooking spray. In 3-quart saucepan or 4-quart Dutch oven, mix peaches, cherries, 1 1/2 cups sugar, the cornstarch and water. Cook over medium-high heat 12 minutes, stirring frequently, until mixture boils and thickens.
Remove saucepan from heat; stir in almond extract. Pour into baking dish.
Separate dough into 8 biscuits; cut each into quarters. Roll each dough piece in 3 teaspoons of the sugar; place over hot fruit mixture. Sprinkle with remaining teaspoon sugar.
Bake 15 to 20 minutes or until biscuits are deep golden brown and no longer doughy on bottom. Cool 20 minutes. Serve warm with ice cream.