Emeril Lagasse offers a highly rated recipe for homemade red hot sauce on the Food Network website. The recipe calls for 20 tabasco or serrano chiles, or 12 very ripe red jalapeños.
To make the hot sauce, begin by stemming and cutting the chiles crosswise into 1/8-inch slices. Combine the chiles with 1 1/2 tablespoons of minced garlic, 3/4 of a cup of thinly sliced onions, 3/4 of a teaspoon of salt and 1 teaspoon of vegetable oil in a nonreactive saucepan over a high heat. Sauté for 3 minutes, then add 2 cups of water. Cook, stirring occasionally, for approximately 20 minutes, or until nearly all the water has evaporated and the chiles are very soft. Be sure to do this in a very well-ventilated space.
Take the pan from the heat, and allow the mixture to steep while it cools to room temperature. Tip mixture into a food processor, and process for about 15 seconds, or until it is smooth. With the motor running, pour 1 cup of distilled white vinegar through the feed tube in a steady stream.
Taste the hot sauce, and season with more salt, if desired. Using a fine mesh sieve, strain the mixture before pouring into a sterilized pint jar or bottle with an airtight lid. Refrigerate the hot sauce, and wait a minimum of 2 weeks before using. This recipe makes about 2 cups and keeps in the refrigerator for up to 6 months.