King Slack's all-purpose barbecue sauce:

2 cups ketchup
1/2 cup mustard
4 tsp. honey
2 tsp. brown sugar
1 tsp. black pepper
2 tsp. salt
1 tsp. cayenne
1 tsp. chili powder
1 tbsp. Liquid Smoke (usually available in supermarkets with a little hunting)
2 cloves garlic, crushed or chopped
10 drops Tabasco sauce (or equivalent)
1 tbsp. horseradish
1 tbsp. Worcestershire sauce

The beauty of this recipe is both its simplicity and its flexibility. Preparation is mind-numbingly simple. Just dump all of the above ingredients into a bowl and stir. If you don't have one or two of the above ingredients, don't sweat it too much since most of them are sort of redundant anyway. For instance, if you don't have the cayenne pepper, put in some more chili powder and the sauce will still taste fine. Don't skimp on too many of the ingredients above, though, or you may as well just put the ketchup on by itself.

As far as application of this recipe is concerned, you're really only limited by your imagination. I've put it on everything from pork chops to baked beans to chicken breasts, and it's equally good on all of them. You can also whip up a quick variant of this that's quite good for fish by substituting the Liquid Smoke and Worcestershire with 2 chopped limes and about a quarter cup of lemon juice. One of the best ways to use this sauce is to make a whole load of it, say a double recipe or so, and then store it in your refrigerator and whip it out whenever you feel like spicing up a dish, as it's excellent on pretty much anything you can put a condiment on.