Ingredients:

  Amount  Measure       Ingredient -- Preparation Method
--------  ------------  --------------------------------
     1/2  cup           peanut oil
     1/2  cup           raw peanuts
   2                    fresh Thai or serrano chiles
   1      slice         fresh ginger -- 1/2 inch thick
   4                    garlic cloves
     1/3  cup           unsweetened coconut milk -- (canned or fresh)
   2      teaspoons     dark soy sauce
   4      teaspoons     fish sauce
   1      teaspoon      sugar
   1      tablespoon    fresh lime juice
   1      pinch         salt
     1/2  cup           cilantro leaves and stems -- finely minced

Preparation:

Heat the peanut oil to nearly smoking in a saucepan. Turn off the heat and add the peanuts. The peanuts should cook to a golden brown in 3-5 minutes. If you burn them, throw them out and start all over again or your sauce will be bitter. You may have to turn on the heat again, but stir the peanuts if you do. Using a slotted spoon, transfer the peanuts to the container of a food processor or blender, along with 1 tablespoon of the peanut oil (reserve the rest) and blend them to a rough paste. Add the chiles, ginger, garlic and continue to blend. Add the remaining ingredients except the cilantro, and blend until smooth. If it is too thick, add more oil. Stir in cilantro, and serve as a dipping sauce with satay or anything else, or thin with oil and serve as a salad dressing.