PLace water, salt and 1 tablespoon butter in a medium saucepan; bring water to boil.
Add the grits to boiling water; stir well and reduce heat to low. Cook grits over low heat, stirring often, about 25-30 minutes until they are thick and creamy. Mix in the remaining butter and the cream
Remove from heat and stir in cheese and scallions. Add hot sauce and salt/pepper to taste.
Grease a shallow sheet pan (I use a quarter sheet pan). Pour the grits into pan and spread into an even layer. Allow pan to cool slightly. Cover with foil and refrigerate until grits are cool and hardened, 2 hours to overnight.
Remove pan from the refrigerator and cut grits into round cakes of desired size, using a biscuit cutter.
Place some cornmeal in a shallow dish and dredge grit cakes, coating well on each side.
Heat a non-stick skillet over medium-high heat until hot. Fry grit cakes, in batches, until golden brown on each side.