Peach Petals

1 (16 ounce) package frozen sliced peaches, partially thawed
1 (6 ounce) can frozen lemonade concentrate, undiluted
2/3 cup light rum
1/2 cup water
Ice cubes
Lemon slices and fresh mint sprigs 

Combine first 4 ingredients in container of electric blender; process until smooth. Add enough ice cubes to bring mixture to the 5-cup level. Process until smooth. Garnish, if desired, and serve immediately.