In large saucepan, combine sugar, peaches and water. Bring to a boil over medium heat. Reduce heat to low; cover and simmer 1 1/2 hours or until tender, stirring occasionally.
Mash peach mixture thoroughly. Add butter, lemon juice, cinnamon and almond extract; mix well. Cool 1 hour or until completely cooled.
Prepare pastry for two-crust pie as directed. Cut dough into 10 pieces. Roll each piece into 6-inch round. Place 2 tablespoons filling in center of each round. Fold top half of round over bottom half. Brush edges with water. Press to seal. Crimp edges with fork.
In large skillet, heat 1/4 inch oil over medium-high heat to 375°F. Fry pies, 2 at a time, on both sides until golden brown. Drain on paper towels. Cool slightly before serving; filling will be hot. Before serving, lightly sprinkle with powdered sugar. Serve warm or cool.
