Mix meat, stuffing mix, water and eggs until blended. Shape into 50 (1-1/2-inch) meatballs; place in 2 foil-lined 15x10x1-inch pans sprayed with cooking spray.
Bake 16 min. or until done (160 degrees F). Meanwhile, bring jelly and chili sauce to boil in large saucepan on medium heat, stirring occasionally.
