Check your Ralphs store for this. The price seems very low so it is possible that it could be a location-specific deal:
Franks Red Hot (small bottles) $0.50 ea
Use $0.50/1 Franks Redhot Sauce, exp. 5/15/13 (SS 03/10/13 R)
Or Use $0.75/1 Franks Redhot Sauce, exp. 5/15/13 (SS 03/10/13 R)– Limit 2 coupons
If you have the $0.75 coupon–your cashier should adjust the coupon down to $0.50. Allowing it to be free.
Did you find this at your store?
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