Bring water to a boil in a saucepan. Stir in rice, garlic, bay leaf, and salt. Return to a boil, reduce heat to low. Cover and simmer 30 minutes or until rice is tender. Remove from heat. Discard garlic and bay leaf. Drain rice and allow to cool.
In a medium bowl, combine Prosciutto, mozzarella cheese & basil. Pour olive oil over and toss to coat.
Add egg whites & Parmesan cheese to rice and mix well. Stir rice mixture into Prosciutto mixture until ingredients are evenly distributed.
Place bread crumbs in a shallow bowl. Whisk egg whites and olive oil in separate shallow bowl. Wet hands and shape rice/Prosciutto mixture into 24 balls. Dip each ball into egg whites then coat with bread crumbs.
Heat 2-inches of oil in a deep-fryer to 350*F. Deep-fry rice balls a few at a time until golden brown (approximately 30 seconds) Drain on paper towels and serve hot.
REHEATING INSTRUCTIONS: From refrigerator, place meatballs in a single layer on a cookie sheet and cook for 15 minutes in a 350*F preheated oven. If frozen, cook for 30 minutes.