Small dice peaches and mix with 1 tablespoon sugar.
Mix raspberries with remaining sugar.
Combine peach jam with evaporated milk and 1/2 of the peaches. Whip cream. Fold whipped cream into peach mixture.
If you are using a prepared angel food cake, cut about 1/2 the cake into 1/2 inch slices. If using a homemade cake, cut the 9×13-inch cake into 3 slices. Line a loaf pan with parchment or plastic wrap.
Add 1/3 of the cream mixture to the bottom of the pan. Top with 1 layer of cake. Top with 1 cup of the raspberries. Repeat with cream, cake, rapsberries. Finish with cream and cake. Freeze overnight, or at least 6 hours.
Mix remaining peaches and raspberries.
Remove cake from freezer. Slice. Serve with peaches and rapsberries.