While the standard Red Hot wing sauce is OK, you can do better if you
try.

I like using several sources of heat to get a nice well rounded
spicyness. The base of my current recipe is a can of Chipotle Chilies
in Adobo sauce. I take the whole can and puree it in the food
processor. With a lot of butter it makes a very good starting point
for a sauce... It's quite spicy, and relatively thick. (This is
probably enough for 30 wings at least... so you might not need a
whole can if you are cooking for yourself.)

Depending on my mood, I add: garlic, brown sugar, honey, red hot, soy
sauce, liquid smoke, Siracha hot sauce, chili sauce... you get the
idea.

As for cooking... I start with frozen wings. I throw them in a
ziploc with a brine (salt & sugar + some spices) and let them marinade
in the fridge while they thaw. Brining is important. It results it
a much juicier wing... much more tolerant of a little over-cooking.
From there it's 6 minutes in 375F peanut oil.

--Mark
http://mark.denovich.org