In a small bowl, combine the peach almond extract, rum and sugar. Cover and set aside.
In a medium bowl, whisk together the flour, eggs, buttermilk, water and butter.
Heat about 2 to 3 tablespoons of oil to a large cast iron skillet or griddle, over medium heat. Spoon about ⅓ cup of batter per cake into the skillet. Fry for about 3 minutes per side, or until golden brown. Repeat with the remaining ingredients.
Serve warm with fruit topping, butter or syrup.