Step 1

Combine the Old Bay, butter, beer, and water in a large pot and bring to a boil. Add the shrimp, turn the heat down to medium, and cover the pot with a lid. Cook, stirring once, for 3 to 6 minutes, or until the shrimp are pink and just cooked through. Using a slotted spoon, remove the shrimp from the broth and transfer to a serving platter. Serve hot or cold with cocktail sauce.

Step 2

In a small bowl, whisk together the ketchup, horseradish, lemon juice, and cayenne pepper. Taste and adjust seasoning, if necessary.

Step 3

Note: Prepared horseradish can be found in the refrigerator aisle at your supermarket.