Preheat oven to 350°F.
Cut peach halves in half (making quarters or wedges).
Place a pan big enough to hold peaches in single layer over on medium high heat.
Add butter. Cook until light brown.
Add peaches, brown sugar and cinnamon. Cook, stirring occasionally, for 8 to 10 minutes.
Add cranberries and Schnapps. Cook, stirring, for 2 minutes.
Pour peaches out onto a sheet pan. Set aside to cool for 10 minutes.
Place peaches in a large, oven-safe casserole dish.
Break streusel topping into 1/2 inch pieces. Sprinkle on fruit to cover.
Place in preheated oven and bake for 20 to 25 minutes, or until topping is golden and crisp.
Remove from oven and allow to cool slightly, about 10 minutes.
Serve warm with vanilla ice cream.