In a stainless steel bowl set over a pot of simmering water (be careful not to let the bottom touch the water), whisk the egg yolks with the lemon juice, hot sauce, and water until pale yellow in color. Season with salt and pepper. Remove the bowl from the pot and, whisking vigorously, add the melted butter 1 tablespoon at a time, whisking until all the butter is incorporated. Keep warm until needed.
Recipe from Everyday is a Party Cookbook, by Emeril Lagasse, with Marcelle Bienvenu and Felicia Willett, published by William Morrow, 1999