In a saucepan, heat 3 tablespoons olive oil over medium heat. Add the onion and garlic and sauté until the onion is soft. Turn off the heat, and add the paprika, Tabasco sauce, and thyme, stirring well. Transfer to a bowl and add the chili sauce and sour cream. Season with salt and pepper to taste. Set aside.
Sprinkle the potatoes lightly with salt and black pepper, and some ground red pepper if you want an extra kick. In a large skillet fry the potatoes in 1 cup (8 fl. oz) olive oil until cooked through and golden-brown, stirring occasionally. (Take care when adding the potatoes to the saucepan because the oil will splatter due to the salt). Drain the potatoes on paper towels, check the seasoning, add more salt if necessary, and set it aside.