Place the corn in a large pot with enough water to cover, and soak at least 15 minutes.
Preheat grill for high heat. Remove silks from corn, but leave the husks.
Place corn on the preheated grill. Cook, turning occasionally, 20 minutes, or until tender. Remove from heat, cool slightly, and discard husks.
Cut the corn kernels from the cob, and place in a medium bowl. Mix in the red bell pepper, green bell pepper, and red onion.
In a blender or food processor, mix the cilantro, olive oil, garlic, lime juice, sugar, salt, pepper, and hot sauce. Blend until smooth, and stir into the corn salad.
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