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Cut away the crusts and soak the bread in water for a few seconds. Squeeze dry and crumble. In a large mixing bowl combine the ground meat, dampened, squeezed breadcrumbs, grated onion, egg and 4 tablespoons of olive oil. Season with sea salt and pepper and knead well.
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Shape the meat mixture into balls, about 1 ½ inches in diameter. Spread flour onto a large flat plate, season it lightly with salt and pepper, and lightly dredge the meatballs in the seasoned flour.
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Heat 3 inches of olive oil or other oil such as canola or corn oil in a large deep skillet over medium heat and slide the meatballs into the hot oil. Fry them gently, turning once or twice with a spatula or kitchen tongs to brown on all sides.
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In a separate pan combine water, parsley, breadcrumbs, walnuts and 1 cup of olive oil and bring to a simmer. Add the meatballs to the walnut-parsley broth and gently stir. Season with salt and pepper.
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Let them simmer for a few minutes until the sauce thickens further and is the consistency of loose oatmeal. Serve warm.