So, I have a peach tree guild and today I was laying a soaker hose around it. I haven't been up close to the tree in some time, as I don't care to step in the guild too much. Anyway, when I laid the hose around the base of the tree I noticed that it had several globs of sap oozing out of the trunk. Maybe four or five different spots with globs about the size of a nickle in diameter. The tree is young yet, about 8' tall. The sap was coming out three to six inches up the trunk.

Should I do anything?

Sounds like borer. Pick the choice you can live with:

1. Spray as your county extension recomends.

2. Maintain a steady supply of replacement trees as they decline.

For me, even rigid obedience to a spray schedule don't always keep up with the vile pests.

Are you sure it is sap and not just gum? If it is gum then it is food quality and used as a binder in bakery items, pharmaceuticals, etc.
Regards,
Arif.