Mix Seasoning Mix and water in large bowl. Add ground beef; mix well. Shape into 1 1/2-inch meatballs.
Heat oil in large skillet on medium heat. Add meatballs; cook 8 minutes or until cooked through, turning frequently. Remove meatballs; drain fat.
Stir milk and Sauce Mix into skillet. Stirring frequently, simmer on medium heat until sauce comes to boil. Reduce heat and simmer 1 minute or until thickened. Add meatballs to sauce; cook until heated through. Serve over cooked noodles or rice.