Combine the olive oil, vinegar, sherry, lemon juice, parsley, basil, garlic, red onion, cilantro, and oregano in a food processor, and pulse until well blended.
Transfer the sauce to a nonreactive bowl, cover it with plastic wrap, and set it aside for at least 2 hours and up to 6 hours at room temperature. The sauce will keep in an airtight nonreactive container in the refrigerator for up to 3 days.
Do not puree. Stir in the kosher salt, black pepper, and crushed red pepper.
Recipe copyright Emeril Lagasse, courtesy MSLO, Inc.