Heat oil in Dutch oven. Add onion, red pepper and hot pepper; saute 4 minutes. Add garlic; saute until softened, 30 seconds. Add corn and tomato; saute 1 minute.
Add water, salt and pepper sauce. Simmer 30 minutes or until vegetables are tender. Refrigerate until cooled to room temperature.
Puree half of the soup in blender or food processor. Return all of the soup to the pot. Heat gently. Garnish with lime and chips. Makes 4 servings.