My grandmother used to make this, and use a teaspoonful or so to season soups, stews, etc. If you have an empty glass bottle with a screw-top lid, do make some!
Fill the bottle about ¼ full with dried chilli peppers, and top up with cheap cream sherry. Leave to infuse for about 3 weeks before using. Top up with additional sherry when necessary.
Meanwhile, I should like to recommend Clothilde's magic sauce, which I made yesterday (the version with peanut butter) and found surprisingly good. And I should also like to recommend this courgette hummus, recommended by Clothilde, which as far as I am concerned could replace mayonnaise very, very easily!