If you are using jarred roasted red peppers, drain them, rinse, and pat dry. Chop roughly
Combine equal amounts of roasted red peppers and feta cheese in a blender, food processor, or in a deep, narrow container for an immersion (hand-held) blender. Pulse to combine.
With the blender running, add just enough olive oil (about 2 Tbsp per cup of pepper mixture) to create a dipping consistency. Blend well to emulsify the oil with the pepper mixture.
Season to taste with cayenne pepper. About 1/4 tsp per cup of dip makes it quite zippy.
Serve with vegetables, crackers or chips.
The dip is also a nice condiment with plain grilled chicken or fish.
It can serve as a quick sauce, stirred into hot, drained pasta.