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 (160ºF). Meanwhile, bring jelly and chili sauce to boil in large saucepan on medium heat, stirring occasionally.