Preheat oven to 350 degrees.
Mix ground beef, bread crumbs, ketchup, eggs and basil in a large bowl. Using the meat mixture, form about 30 small meatballs.
To make the eyeballs, press an olive into each meatball, pimiento side out. Place the eyeballs in a baking dish, cover with the pasta sauce and bake for 45 min.
Meanwhile, cook the spaghetti in boiling salted water.
Drain and rinse the spaghetti, and toss with 1 tbs. olive oil to prevent strands from sticking together.
Put on a platter or in a large serving bowl.
Spoon the eyeballs onto the spaghetti, irises up, and spoon the pasta sauce around them.