Empty the jello powder into a large bowl.
Add boiling water and stir constantly for 2 minutes until completely dissolved.
Add cold water first, then vodka and peach schnapps.
Stir gently without creating bubbles.
Pour into shot cups using a small ladle, filling 3/4 full.
Refrigerate for at least 3 hours until firm.
Serve cold directly from the refrigerator.