In a large saucepan, HEAT water to boiling.
MIX corn meal, salt and cold water in a bowl; STIR mixture into boiling water.
COOK until thickened, about 10 minutes, STIRRING constantly (Use a long spoon and be careful--it spatters!)
COVER; continue to COOK over low heat for 10 minutes.
POUR into a greased loaf pan; REFRIGERATE until firm, 3 hours or overnight.
TURN out onto cutting board; SLICE into 1-inch thick slices.
In a large electric skillet, FRY in small amount of margarine until golden brown, TURNING once.
Serve with butter, syrup or honey on the side.
Per Serving (excluding unknown items): 17 Calories; 2g Fat (99.5% calories from fat); trace Protein; trace Carbohydrate; 0g Dietary Fiber; 5mg Cholesterol; 380mg Sodium. Exchanges: 1/2 Fat.