Pour boiling water over the peaches and let stand for a few minutes. Drain the peaches, and peel and slice them, discarding the stones. Add the lemon juice and water, and bring to a boil.
Reduce to a simmer and cook for 10 minutes. Add the sugar and stir to dissolve, then bring to a rapid boil. Cook on high, stirring regularly until the jam tests done in a chilled dish, about 15 minutes.
Ladle the jam into pint or half-pint jars, and seal with lids and rings. Process the jars in boiling water for 10 minutes.