In a medium bowl, soak the bread slices in 1/4 cup water for 5 minutes. Finely chop bread (you should have about 3/4 cup).
In a large bowl, beat egg. Stir in chopped bread, onion, bread crumbs, 1/4 cup cheese, 2 tablespoons water, parsley, olive oil, garlic salt, Italian seasoning, black pepper and red pepper. Add beef and pork to egg mixture; mix well.
Using a 2-ounce ice cream scoop or a 1/4 cup measure, scoop out meat mixture into 16 mounds. Wet hands; shape mounds into balls.
In a large skillet, heat cooking oil over medium heat. Cook half of the meatballs at a time in hot oil for 8 to 10 minutes or until done (an instant-read thermometer inserted into meatballs should register 160 degrees F), turning to brown evenly. Remove meatballs from skillet; drain on paper towels. (Or, transfer meatballs to a 13x9x2-inch baking pan. Omit cooking oil. Bake meatballs in a 350 degree F oven for 20 minutes; drain.)
In a 4-quart Dutch oven, bring pasta sauce to boiling; reduce heat. Add meatballs to pasta sauce. Simmer, covered, for 30 minutes, stirring occasionally.
Meanwhile, cook pasta according to package directions. Serve meatballs and sauce over hot cooked pasta. If you like, sprinkle with shredded Romano cheese. Makes 4 servings.