View Photos Some people wear hats. Others bet their life’s savings on Uncle Mo. Glencoe residents Lois and Jack Graller throw a hundred-plus-person party with banjos and a spread that would make Colicchio weep. The Derby party is on its sixteenth year — and for that, Lois credits her famous (and famously simple) meatballs.Lois’s Sweet and Spicy MeatballsIngredients1 jar Smucker’s grape jelly2 jars chili sauce1 package frozen, precooked meatballs, thawed (or use this recipe — sans Thousand Island — to spice things up)1. Mix jelly and chili sauce in a pot over low heat, stirring until combined.2. Stir in thawed meatballs until heated through.3. Refrigerate overnight so the sauce permeates the meatballs.4. Reheat and serve.5. Bet your guests will love it.Photo: Jonathan McPherskesen / FlickrFor more Kentucky Derby recipes, how-tos, and tips, check out Party Time.