Mix all ingredients for meatballs together except for Velveeta Shape into balls and wrap each ball around a small piece of cheese. Place balls on baking sheet and bake at 350 degrees for 20 to 30 minutes depending on the size of meatballs.
Meanwhile make the gravy. Add the butter to skillet and saute the onion and garlic until translucent. Stir in the flour and make a roux. slowly stir in the beef broth and bouillon. Cook until thickened. Stir in the Worcestershire sauce and the sour cream. Lastly add the minced thyme.
Serve gravy over meatballs. Can make this a complete meal by serving meatballs and gravy over mashed potatoes or noodles.