Combine ground beef, breadcrumbs, onion powder, 1/4 tsp. salt and egg; mix well. Shape into approximately 36 (3/4") meatballs. Heat oil in a large skillet coated with cooking spray. Add meatballs and cook until browned on all sides. Drain well.
Combine chicken broth, water, ketchup and remaining 1/4 tsp. salt; add to skillet. Bring to a boil; stir in elbows making sure it is covered by the liquid. Reduce heat, cover and simmer 10 to 15 minutes or until elbows are done.
Stir in sour cream and cheese. Cook until thoroughly heated and mixture thickens, about 5 minutes. (Do not boil.)