Melt the butter in the microwave in a glass dish. Let the butter begin to cool slightly, and skim off anything that is on the top. Set up a double boiler, and whisk egg yolks and the water in a bowl until they are light and fluffy. Pour egg yolks into the double boiler.
Whisk eggs continually while eggs are in the double boiler, they will begin to thicken slightly, and this will take 2 to 3 minutes. Begin to drizzle in warm melted butter slowly, and continue to whisk the egg and butter mixture. Once the butter is totally incorporated add lemon juice, hot pepper sauce, and salt and pepper to taste. This sauce must be served within 30 minutes of making.