1Position knife blade in food processor bowl; add 1 1/2 lbs. cooked shrimp, butter, and cream cheese with chives. Cover and process til smooth, scraping down sides of bowl occasionally.
Add onion, mayonnaise, horseradish, garlic, cocktail sauce, hot sauce and salt; pulse just til mixture is blended.
2Transfer mixture to small serving container; cover and chill thoroughly. Let butter stand at room temperature 15 minutes before serving.
Serve Shrimp Butter with assorted crackers or spread on party rye bread or pumpernickel bread. Garnish, if desired.