Drain oysters, reserving 1/2 cup liquid. Set oysters aside.
Stir together reserved liquid, whipping cream, melted butter, and hot sauce.
Combine cracker crumbs and next 6 ingredients. Place 3 cups cracker mixture on bottom of a lightly greased 13- x 9-inch baking dish. Top with half of oysters and half of whipping cream mixture. Repeat procedure with remaining cracker mixture, oysters, and whipping cream mixture.
Bake casserole at 375° for 45 minutes.