1. Heat 1/2 cup olive oil in a saute pan.
2. Add potatoes and fry for 3 minutes being careful not to brown.
3. Add onion and garlic. Cook until translucent.
4. Deglaze with sherry and cook until potatoes are tender.
5. Drain any excess oil and reserve potato mixture.
6. Beat together eggs, water, salt, peppers and Tabasco.
7. Heat 1/4 cup of oil in a nonstick 10 - 12 inch saute pan.
8. Add eggs and layer potato mixture with ingredients of your choice into the pan.
9. Slowly cook, covered, over medium heat occasionally running a spatula around the sides allowing the remaining egg to cook on the pan similar to how it is done when preparing an omelet. Continue this until all egg is set.
10. Carefully slide the tortilla out of the pan onto a plate. Place the pan over the tortilla and flip it back into the pan with one motion of the plate, tortilla, and pan so the cooked portion of the tortilla is now face up.
11. Place back over medium heat until the tortilla is completely cooked throughout and browned on new bottom side.
12. Cool completely in the refrigerator.
13. Cut into 8 pie-shaped wedges.
14. Garnish with chopped red pepper and chopped parsley. Drizzle some olive oil over the top.

Notes and Suggestions

In Madrid, we have also had strips of this heated in a baguette bread, served with garlic aioli, for a tasty lunch sandwich. You can also add other favorite ingredients, such as serrano ham, chorizo sausage, vegetables, etc. to add variety. This recipe can handle an additional cup of these ingredients.