Whisk egg yolks with water and salt in a medium-size glass or stainless steel bowl. Place bowl over (but not in) a large saucepan of simmering water and whisk until warm.
Slowly add the warm butter, a tablespoon or so at a time, whisking constantly until butter is incorporated. Continue whisking until all butter is incorporated and sauce is thickened. Whisk in lemon juice and TABASCO® Sauce and serve immediately.
Makes about 1 cup.