Combine first 10 ingredients in a food processor; process until smooth. With the processor running, pour water, vinegar, and hot sauce through food chute, processing until blended. Store the dressing in an airtight container in refrigerator.
I just love this dressing. I did omit the anchovy paste and chives since I did not have them on hand (and used a pinch of dried tarragon in place of the fresh), but still really enjoyed the dressing. It's a beautiful color as well.
This works great as a dressing or as a veggie dip. I haven't tried this yet, but I bet it would also be delicious over grilled chicken or pork chops. If you don't have enough mayo, try subbing low-fat sour cream.
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