In a medium saucepan, stir the grits and salt into the boiling water. Reduce the heat and simmer, covered, for about 10 minutes, stirring occasionally. Remove from the heat and pout into a buttered 8x8-inch dish. Let cool until firm. Remove from the dish and cut into quarters.
Fry the bacon in a large heavy skillet over medium heat. With slotted spoon, remove the bacon and drain on paper towels, reserving the fat in the pan.
In the same skillet, sear the quartered grits over high heat until golden on both sides. With a spatula, transfer to a platter.
Combine the salt, pepper, cumin, paprika, and cayenne in a bowl. Add the shrimp and toss to coat evenly.
Wipe the skillet clean and heat the olive oil over high heat. Saute the shrimp 1 to 2 minutes. Toss in the jalapenos, green onion, garlic and reserved bacon and cook 1 minute longer. Remove from heat and stir in the lime juice. Scatter over the seared grits and serve.
c.1996, M.S. Milliken & S. Feniger, all rights reserved