Soak gelatin in the cold water for 5 minutes.

Meanwhile in a small saucepan, cream the butter, powdered sugar and egg yolks. Cook the mixture over low heat, stirring constantly until slightly thickened.

Remove the mixture from the heat and stir in the soaked gelatin, being sure it is well incorporated and there are no lumps. Pour the mixture into a large bowl and allow to cool for 5 minutes.

In a separate small bowl, beat the egg whites until stiff peaks form.

Fold the peaches into the butter mixture until they are well coated. Stir in the quartered marshmallows and gently fold in the beaten egg whites.

In an 8x10 or 9x13 pan (depending on how thick you want the dessert) add half of the crushed vanilla wafers. Top the wafers with the peach and marshmallow mixture. Finish it off by topping it with the remaining vanilla wafers. Refrigerate for 2 hours before serving. Stores well refrigerated for 5- days.