Preheat oven to 400. Pour ¼ C gravy into large bowl. Stir in water. Add meat, stuffing and eggs; mix lightly. Refrigerate remaining gravy aside for later.
Divide meat in half. Shape one half into 2 small oval loaves and place on foil lined baking pan. Shape remaining half into 16 meatballs, and place them on separate foil lined baking pan.
Bake for 20 minutes. Remove meatballs and continue baking meatloaves 10 more minutes. When meatloaves are done, refrigerate or freeze for a later meal.
For Swedish meatballs, mix remaining gravy and sour cream in a large saucepan. Add meatballs. Cook on low until all is heated through, about 10 minutes, stirring occasionally. Serve over noodles.