Preheat oven to 400 degrees.
In a large bowl, combine 1 cup cheese, water and taco seasoning. Crumble beef over mixture and mix well. Shape into 16 balls.
Place meatballs on a greased rack in a shallow baking pan. Bake, uncovered, for 12 minutes, or until meat is no longer pink. Drain meatballs on paper towels.
Reduce oven heat to 375 degrees.
Arrange crescent rolls on a greased 15-inch pizza pan, forming a ring with pointed ends facing the outer edge of the pan and wide ends overlapping. Place a meatball on each roll; fold point over meatball and tuck under wide end of roll (meatball will be visible). Repeat.
Bake 15-20 minutes, or until rolls are golden brown.
Transfer to a serving platter. Fill center of the ring with lettuce, tomato, onions, olives, remaining cheese and sour cream and salsa, if desired.