1. Soak bread in milk in large bowl. Add remaining meatball ingredients and mix until just blended. Shape into thirty 1-1/4-inch meatballs.
2. Heat oil in large Dutch oven over medium-high heat. Brown meatballs in batches, turning occasionally, 4 minutes; transfer to plate.
3. Add onion and carrots to Dutch oven; cook 4 minutes, until softened. Stir in garlic, red pepper, oregano, basil, 1/4 teaspoon salt, and 1/4 teaspoon black pepper; cook 15 seconds. Add Meatballs, tomatoes, and tomato paste. Bring to boil, reduce heat and simmer 1 hour, stirring to break up tomatoes with spoon. Toss mixture with hot pasta in large serving bowl. Serve with grated Parmesan cheese. Makes 6 servings.