Bring, 2 ¾ cups water (or chicken broth), grits, and salt to a boil over medium high heat in a saucepan with lid.
Stir in ⅓ cup cream, 2 tablespoons butter, and cheese, reduce to medium low to low and cover.
Simmer, stirring grits occasionally, until grits are tender about 5 to 6 minutes.
Meanwhile, melt one tablespoon of butter in a skillet over medium high heat.
Add shrimp and cook for one minute.
Remove shrimp with a slotted spoon (as to keep drippings in pan) and transfer to a bowl.
Add bacon, sausage, onion, bell pepper, and garlic to skillet. Sauté until onion and pepper begin to soften, about 3 minutes.
Add wine. Boil for about 3 minutes or until reduced by half.
Add ¾ cup cream, parsley, thyme, cayenne pepper, and shrimp. Simmer until shrimp are just opaque in center and sauce is thick enough to coat spoon, about 3 minutes.
Season to taste with salt and pepper, if desired (I usually don’t need to add any).