This simple but incredibly rich dish can be modified to your own taste by adding more oysters or Tabasco sauce. Indulge yourself by purchasing oysters that have already been shucked.
In a saucepan, combine the half-and-half, heavy cream, and oyster liquor and heat over medium-low heat. (If there is more than a cup of liquor, you may not want to use all of it. Start with a cup and then add to taste.) Add Tabasco, salt, and pepper, to taste.
When cream is very hot, but not simmering, add the oysters. They will cook very quickly; they are done when the edges have begun to curl. Remove from heat.
Set out 4 bowls and place 1 tablespoon of the butter in each bowl before serving. Ladle equal amounts of oysters and broth into each bowl. Season with paprika, to taste. Serve with buttered toast or oyster crackers.