Cut 3 of the peaches into large chunks. In a blender or food processor, puree peaches, honey, lemon juice, ginger, vinegar and hot pepper sauce until smooth. Pour mixture into a small saucepan. Bring to a boil; reduce heat and simmer uncovered 15 minutes or until slightly thickened, stirring occasionally.
Meanwhile, finely chop remaining peach. Stir into sauce. Cover and chill in refrigerator until ready to use. Brush on pork, chicken or beef in last few minutes of grilling time.
Makes 1 1/2 cups sauce.