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I didn't want to throw a different recipe in Craig's thread, but my favorite shrimp and grits are from Ruhlman's 20 - Butter Poached Shrimp and Grits. The recipe is online here:
Grits can be really bland, we usually use water (4 cups liquid to 1 cup grits) and when we start the water add 4-5 smashed garlic cloves and then fish them out before adding the grits. Then once they're tender we add around 1 cup of cheese (usually sharp cheddar, but we've done mascarpone and goat cheese too), a couple pats of butter, and salt and pepper.