If you don't want this dish too spicy, use only the flesh of the jalapenos and discard the seeds, which hold most of the heat in the pepper.
Melt butter in a heated large straight-sided skillet over medium heat. Add shallot and jalapeno. Saute for 2 minutes.
Puree 1/2 bag of corn in food processor or blender. Add pureed corn and remaining frozen corn to pan. Add cream, water, and cheese. Stir and cook until cheese is melted, about 2 to 3 minutes. Season with salt and serve warm.