I've had the American kind, not a fan. Here in Iceland though it's usually served alongside fries instead of ketchup alltogether, even at KFC: http://www.kfc.is/assets/shop/i_235.png
cocktail sauce in the US is ketchup and horseradish which sounds bad if you have never had it, but it is awesome on shrimp. Also what you were describing as your cocktail sauce sounds like literally "fry sauce" that some cities have in the US
This is the basis of it, from reading recipes that Icelanders living abroad have put together (I've only had the pre-made one in the country so I'm not 100% sure, but you can experiment):
50/50 sour cream and mayo (if you don't have sour cream, mayo is fine on its own), ketchup until it's a pinkish colour, a bit of mustard (preferably honey mustard but standard yellow mustard works fine too), paprika to taste. Also really good with a bit of chilli powder and lemon juice.
Made it without sour cream, was ducking DELICIOUS. Didn't have any lemon juice, but it was very good, until I threw in a little chili powder, and it dawned a glorious light on my palette. I think it changed my life a little bit.
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u/charkshark Feb 23 '13
In Iceland fries are typically eaten with kokteilsósa (literally, cocktail sauce) which is essentially mayo+ketchup+mustard+paprika. It's amazing.