Heat 3 cups of oil in a large, deep, heavy bottomed frying pan until piping hot, about 375 °F (190 °C). Cook meatballs a few at a time in hot oil until brown and crispy, about 3 to 4 minutes. To check for doneness, cut one in half to see if cooked through; it should be cooked in the center. Remove from oil using a slotted spoon, and place on a plate lined with paper towels to drain. Insert a toothpick into each meatball for serving and dipping. Serve hot or cold with dipping sauce.