Howdy,
peat is partially decaying moss from a swamp or moor. It acts as an ion exchanger, softens your water, buffers it at a lower pH value and enriches it with humic substances, which causes a bronish tint of your water. Driftwood can have similar properties at much lower potency and continuously decreasing capacity. Don't try it. If you do it, do it right and use peat. You will have to monitor your gH and kH as well as pH values in order to properly adjust these parameters with peat. In doing so, you need to replace old peat with new once the effects decrease. Depending on your tap water's hardness, peat might not have much of an effect on the pH and hardness, and you have to lower the hardness before you add peat or you have to use a lot of peat.
It sound like some work, but it really is worth it!
HarleyK