In a small bowl, combine all ingredients except the water. Add a tablespoon of water to thin it out a bit; add more if desired.
Serve immediately or store, covered, in the refrigerator for up to 2 days. Use as a dipping condiment for classic shrimp cocktail (as shown in this post, using extra large 26-30 count shrimp or larger) and grilled shrimp cocktail. Offer fresh lemon wedges to squeeze over the shrimp before dipping.
