IPA: /ˈsɔːsboʊt/
KK: /ˈsɔsˌboʊt/
A type of container that is shaped like a small boat and is used to serve sauces and gravies.
She poured the gravy into the sauceboat before serving it at dinner.
Sauceboat is formed from "sauce" (from Old French *sauce*, meaning a liquid condiment) and "boat" (from Old English *bāt*, meaning a small vessel). The word refers to a small vessel used for serving sauce.
Think of a small 'vessel' ('boat') used for serving a 'liquid condiment' ('sauce') — that's what a sauceboat is.
No commonly confused words.