I got Michael Smith's recipe for "Spicy Thai Peanut Sauce" from his book 'The Best of Chef at Home' and have been meaning to try it for a while. I used it on a stir-fry of chicken, broccoli, and onions:
"This all-purpose condiment is a great way to add a splash of Thai flavour to a salad or vegetable dish. The secret to its exotic flavour is its perfect balance of sweet, sour, salty, and spicy. MAKES ABOUT 2 CUPS
1/2 cup of smooth peanut butter
zest and juice of 4 limes
1/4 cup of honey
1/4 cup of soy sauce
1/4 cup of water
1 teaspoon of chili flakes or hot sauce
1 large bunch of mint
1 handful or 2 of peanuts.
Toss everything into your food processor or blender, then puree until almost smooth, leaving the peanuts a touch chunky. Some blenders are stronger than others; if yours needs a little help, add a splash of water to help it puree to a thick peanut butter consistency.
Freestyle Variation: If you like the strong flavour of fresh cilantro, use it to replace some, or all, of the mint. For even more authentic Thai flavor, add a splash of Thai fish sauce."
I actually didn't make it according to his instructions. I sauteed garlic in a pan, then added the chili flakes and heated briefly. Then I added the water, peanut butter, honey, and soy sauce and heated on low until the stir-fry was ready. At that point, I added the cilantro (no mint), lime, and toasted chopped peanuts. Mixed it up, then poured it over the stir-fry.
This is a great sauce. The lime isn't absolutely necessary; I didn't feel that it added much. I'd like to try his suggestion of adding Thai fish sauce sometime.