Make the grits In a large saucepan, combine the cream, butter, salt and 6 cups of water. Bring to a boil over moderate heat.
Stir in the grits, then reduce the heat to low and simmer until creamy, about 10 minutes.
Prepare the shrimp
In a large skillet, cook the bacon over moderate heat, stirring occasionally, until crisp, about 5 minutes. Using a slotted spoon, transfer the bacon to a paper towel-lined plate. Do not wash the skillet.
Heat the bacon fat in the skillet over moderate heat. Add the onion and garlic cook, stirring occasionally, until the onion is translucent, about 5 minutes.
Add bell peppers and jalapeños and one stick of butter and simmer another 10 minutes.
Add Cajun seasoning, cayenne pepper and salt to taste. Cook two more minutes.
Add the remaining stick of butter, turn off the heat. Stir the sauce until the butter is melted.
Season the shrimp with Cajun seasoning. In a separate large skillet, heat the oil until shimmering. Add shrimp and cook over moderately-high heat, stirring occasionally, until just cooked through, about 2 minutes.
For serving, scoop ½ cup of grits into a shallow bowl. Top with large scoop of shrimp sauce and 6 large shrimp. Garnish with the cooked bacon. Enjoy!