Preheat oven to 350 degrees. Spray an 8" x 8" baking dish with cooking spray.
In a 12" skillet over medium-high heat, cook ground beef, onion, and jalapeno until beef is browned and onion has softened. If there is more than a tablespoon of grease, drain beef mixture.
Add taco seasoning, cream cheese, salsa, and water to beef mixture, and continue to cook for an additional 2 – 3 minutes until everything is combined and uniform in color. Pour mixture into prepared baking dish.
In a medium mixing bowl, whisk together eggs, heavy cream, and hot sauce. Pour on top of beef mixture. Sprinkle cheese on top of the egg mixture.
Bake casserole for 30 minutes or until eggs are set. Allow to cool for 5 minutes before serving. Enjoy!