Beef Satay with Peanut Sauce

Name: Beef Satay with Peanut Sauce
Ingredients: 1 cup peanut oil; 3 stalks lemongrass, crushed; 1/2 teaspoon crushed dried chile peppers; 2 1/2 tablespoons Thai curry powder; 1 1/2 tablespoons honey; 1 1/2 tablespoons fish sauce (can be purchased at most grocery stores); 3 pounds beef top round or flank, cut into 1/2-inch thick strips; Peanut Sauce, recipe follows; 1 tablespoon peanut oil; 1 tablespoon minced garlic; 6 slices chile pepper, minced; 1 cup peanut butter; 1 tablespoon sugar; 1/2 teaspoon cayenne pepper; 1/4 cup lime juice; 1/4 cup soy sauce; 1 tablespoon finely chopped lemongrass; 12 ounces water