In a medium saucepan, bring the water to a boil; add the Quaker Old Fashioned Grits, salt and pepper. Reduce heat and simmer for 20 minutes or until tender, whisking occasionally to prevent any lumps. Remove from heat, stir in butter, cream and shredded cheddar cheese. If using Quaker Instant Grits, combine grits with water, salt, and pepper and microwave on high for 3.5 minutes. Remove from microwave and stir in butter, cream, and shredded cheddar.

In large skillet over medium heat cook bacon until crispy. Place on paper towels to drain; reserving bacon grease. Coarsely chop bacon once cooled. Add shrimp to bacon grease over medium heat. Sprinkle with Cajun seasoning and cayenne pepper. If using a Cajun seasoning without salt, season shrimp with salt as well. Flip shrimp after one minute and cook for additional one minute, seasoning second side of shrimp with salt as well. Remove to plate.

Add vegetable oil to skillet over medium heat. Add red pepper and cook until slightly tender; 2-3 minutes. Reduce heat to medium low. Add green onions and garlic and cook for 1 minute or until green onions just start to soften. Add vegetable broth to skillet and stir. Return shrimp and bacon to the skillet, stir, and cook for an additional minute.

Pour cheddar grits into a large serving dish. Spoon shrimp mixture over grits and serve immediately.