I made this sauce for my bbq beef ribs. (The ribs get dry rubbed with seasoning salt, pepper, sugar, cayenne pepper and chili powder.)

2-Tbsp butter.
Small yellow onion, diced.
3 cloves garlic, diced.
5-8 thai chili peppers, diced. (I buy frozen at the local Asian market)
1 Tbsp Worsteshire sauce
1 Tbsp soy sauce 
Melt the better and saute onion, garlic and peppers in the pan until the onions are slightly browned.
Add Worsteshire, Soy and maybe some red wine and simmer for a minute.
1/4-1/2 cup ketchup
1 Tbsp molasses
1/4-1/2 tsp cayenne pepper
1 cup red wine
1/4 tsp xantan gum - optional, this makes it thicker.
1-2 Tbsp spicy mustard
Add everything above to the saute'd ingredients. Stir and simmer until properly thickened.
If you prefer a completely smooth sauce, you may want to place in blender and liquify.