HEAT a large pot over medium. Add canola oil, then peaches and finely chopped onion. Cook until onion is browned, about 10 min. Stir in bourbon and chopped tomatoes. Continue cooking until tomatoes are soft, 3 more min.
STIR in water, brown sugar and white vinegar, tomato paste, salt, hot-red-chili flakes and Worcestershire. Continue cooking until water is absorbed, 10 more min. Transfer mixture into a blender and whirl until smooth. Brush over barbecued chicken or ribs.