In large bowl, combine evaporated milk and 1-1/2 cups water. Add pudding mix; beat until blended. Chill 5 minutes.
Whip cream to stiff peaks. Fold whipped cream and 1 tablespoon of the orange juice into pudding mixture.
Place 4 cups cake cubes into a 16-cup trifle dish or bowl. Sprinkle with 2 tablespoons of the orange juice. Drain and slice peaches; place half over cake. Top with 1/4 cup of the preserves (see Note) and half of the pudding mixture. Sprinkle with a few almonds. Repeat layering. Garnish top with remaining nuts. Cover and refrigerate at least 4 hours.
Makes 12 servings.