In a heavy non-reactive saucepan, stir together the mustard, brown sugar, vinegar, and beer. Season with chili powder and black, white, and cayenne peppers. Bring to a simmer over medium-low heat, and cook for about 20 minutes. DO NOT BOIL, or you will scorch the sugar and peppers.
Mix in the Worcestershire sauce, butter, and liquid smoke. Simmer for another 15 to 20 minutes. Taste, and season with hot sauce to your liking. Pour into an airtight jar, and refrigerate for overnight to allow flavors to blend. The vinegar taste may be a little strong until the sauce completely cools.
