Good-Cooking - Peachy French Toast

Ingredients

• 1 cup brown sugar, firmly packed
• 1/2 cup butter or margarine
• 2 tablespoons water
• 1 (29 ounce) can sliced peaches
• 5 eggs
• 1 1/2 cups milk
• 1 tablespoon vanilla extract
• 1 loaf French bread, sliced