In a small bowl, combine ketchup, horseradish, Worcestershire sauce, lemon juice, and TABASCO® Sauce. Cover and refrigerate for 1 hour.
Combine water and beer in a large saucepan and bring to a boil over high heat. Add salt and shrimp and return to a boil. Cover, remove from heat, and let stand 6 to 8 minutes or just until shrimp are cooked through. Drain and rinse with cold water.
Arrange shrimp on a serving platter, tails up, surrounding bowl of cocktail sauce.
Makes 4 servings.