In large bowl, stir together orange juice and sugar. Stir in peaches and raspberries.
Divide fruit mixture evenly among four 6-oz custard cups. Cover; freeze at least 1 hour.
About 30 minutes before serving, remove custard cups from freezer. Let stand until slightly thawed. Transfer fruit mixture to four 8-oz champagne saucers or margarita glasses. Pour sparking wine over fruit. Serve immediately.