Place water (or milk), polenta, and salt in large (at least 3-quart) heavy-duty saucepan or small pot. Bring to boil over high heat stirring often.
Reduce heat to very low, cover and cook for 30 to 40 minutes, stirring 2 or 3 times to prevent polenta from sticking to the bottom of the pan. (When polenta becomes very thick and starts pulling away from the side of the pan it is about 2 to 3 minutes from done.) Polenta should be soft and creamy, not runny and not too thick.