Bring water and salt to a boil in a heavy saucepan. Gradually add polenta,whisking constantly. Stir in 2 T. butter. Cook over low heat,stirring constantly 20 minutes. Mixture will become thick. Stir in remaining butter and cheese.
Oil a 8-inch loaf pan and fill with polenta. Cool,,then chill until firm. Heat oil and butter in a skillet till hot. Slice polenta 1/2 inch thick. Cook on both sides until brown and crispy.
** For appetizers slice polenta 1/2 inch thick,then cut with small cutters or cut into triangles.