Boil that water: In a medium pot, bring the water to a boil and add the grits. Cook according to package instructions until they are creamy, stirring occasionally.
Creamy bliss: Once your grits are nicely cooked, stir in the heavy cream and cheddar cheese. Season with salt and pepper to taste, then set aside.
Sizzle the bacon: In a skillet, cook the chopped bacon over medium heat until crispy. Remove and let it rest on paper towels.