In a large nonstick skillet using 2 tablespoons of the oil cook onion until translucent. Add the garlic and continue cooking until fragrant; place onion mixture in a large bowl. Mix in the ground beef, Ricotta cheese, parsley, egg, salt, pepper, and cayenne pepper until just combined. Add the bread crumbs and mix until thoroughly combined. (Hands work great for this.)
Measure out about 2 tablespoons of the meat mixture for each meatball; form and set aside.
In the same skillet using the remaining olive oil brown meatballs over medium heat on all sides, and then drain any excess fat if needed. Add the sauce and water to the meatballs, bring mixture to a boil, and then reduce the heat to a high simmer. Cook until meatballs are no longer pink inside – stirring occasionally while cooking. (about 30 minutes)