Preheat the oven to 325F. Line a large baking sheet with parchment paper. Place egg whites into a mixing bowl and whisk on high speed for 3 to 5 minutes until stiff peaks form; set aside.
In a separate bowl, combine the Tabasco pepper sauce, coconut flakes, sweetened condensed milk and vanilla. Using a spatula to fold everything together. Add the whisked egg whites and gently fold them into the cookie batter, folding gently but thoroughly to keep the batter fluffy.
Use a 2-tablespoon scoop to measure out the batter for each cookie. Drop the cookie batter onto prepared parchment paper, spacing about 1-1/2 inches apart. Bake in preheated oven at 325F for 30-35 minutes, or until golden brown all over. Remove the cookies from the oven and allow them to cool completely on the parchment paper. Once cookies are cooled, prepare the melted chocolate dip.
Melt the white chocolate melts in the microwave or over a double boiler. Stir until completely smooth. Add a few drops of red food coloring and stir until well blended. Dip each cookie into the melted chocolate, then set back down on the parchment paper. Allow the chocolate to set at room temperature before enjoying.