A good oyster stew is little more than oysters warmed in milk and cream. The secret is to heat the liquid gently until it's barely simmering (if it boils, the oysters will be tough).
Combine oysters and liquor in the top of a double boiler. Cook over boiling water until edges of oysters begin to curl. Add butter and stir gently until melted.
In a separate pan, heat milk and cream. Add to oysters along with Tabasco. Season with salt and pepper to taste. Stir slowly until heated through. Serve immediately, with oyster crackers.