Put the water, spaghetti sauce, Italian seasoning, salt, and pepper in a saucepan. Stir together with wooden spoon until mixed. Put saucepan on burner. Turn burner to high heat. Cook, uncovered, until the mixture boils, stirring now and then with wooden spoon. Add pasta to saucepan; stir with wooden spoon. Turn burner to medium-low heat. Put lid on saucepan and cook mixture about 20 minutes or until pasta is tender, stirring once or twice with wooden spoon.
Meanwhile, put meatballs in a baking pan. Put the baking pan in oven. Bake for 12 to 15 minutes or until meatballs are hot. Turn off oven. Use hot pads to remove pan from oven.
While meatballs are baking, use a cookie cutter to cut 24 one-inch rounds from the cheese slices.
To serve, divide cooked pasta mixture among serving plates. Top pasta on each plate with 2 meatballs. To make eyes, put a cheese round on top of each meatball and put an olive slice on top of each cheese round. Makes 12 servings.