You could also call this prepared horseradish. Either way, it's the way to bag the store boughten stuff. And really, this is ridiculously easy. Get one of those scary looking horseradish roots that can be fodder for many a joke. I used to work the dreaded brunch shift and one of the opening tasks was to make the bloody mary mix. Needless to say, hung over waiters are not one to hold back on a ribald joke involving horseradish. So. Are you familiar with fresh horseradish? You should be! It's so good.
I found this simple preparation in the Joy of Cooking. You clean your root, then peel it, then grate it. I grated it with a Microplane which didn't take too long, but I guess you could do it in the food processor. It might be a bit too coarse, though. Beware! Horseradish is fierce. I had to walk away a few times because I got a good strong whiff, and it just about burned my nasal passage up to my brain.
Grate it into a glass bowl filled with a cup of white vinegar and a 1/2 teaspoon of kosher salt. Pack it into a clean jar and keep in the fridge. I'm hoping for at least a few months for this big jar. Might have to whip up a Bloody Mary brunch party soon...