Preheat the oven to 350° or 375°. Peel peaches,remove the pits and cut into slices about ¼-inch thick. Place slices in a greased casserole dish and sprinkle with cinnamon and water. In a small bowl, work flour, sugar and butter/margarine with fingertips until crumbly. Spread the mixture over the peaches. Bake uncovered for 45 minutes or until peaches are soft and the top is lightly browned.