Step 1: Prepare the Sauce - In a large pot over medium heat, combine the grape jelly and chili sauce, stirring until smooth. Heat for about 5 minutes.
Step 2: Add the Meatballs - Add the frozen meatballs into the pot, stirring gently to coat them in the sauce.
Step 3: Thicken the Sauce - Whisk together the cornstarch and water in a small bowl. Gradually add to the pot, stirring constantly. Cook for an additional 5-10 minutes until thickened.
Step 4: Optional Heat - If desired, add hot sauce to taste and stir well.
Step 5: Serve and Enjoy! - Transfer meatballs to a serving platter and enjoy warm, with toothpicks or alongside rice.