Bring 2 cups of water and 1 teaspoon salt to a boil in a medium saucepan and add the shrimp. When the water returns to the boil, turn off the heat, cover the pot, and allow the shrimp to sit for 5 minutes. Drain, peel and devein.
Place the shrimp in a food processor and pulse about 8 to 10 times, until they are finely chopped but not mushy. Mix together the cream cheese, mayonnaise, green onion, mustard, hot sauce, and pepper in a bowl until well combined; stir in the shrimp.
Line a 2-cup mold or glass bowl with plastic wrap, leaving lots of overhang. Place the shrimp mixture into the mold, packing tightly with a spatula. Cover with plastic wrap overhang and chill in the refrigerator for at least 2 hours or overnight.
When ready to serve, unwrap the overhang and invert the mold onto a plate. Remove the plastic wrap. Allow to come to room temperature before serving with water crackers or another favorite snack cracker.