
Drizzle the oil in the bottom of the Instant Pot. Scatter the meatballs in the bottom of the pot, and break the spaghetti noodles in half, or small enough to lay down in the pot, over the meatballs. Sprinkle with salt and top with sauce and water. (Do not stir.)
Secure the lid, making sure the steam valve is sealed. Cook under high pressure for 8 minutes. Quick Release the steam once the time is up.
Stir the noodles, sauce, and meatballs to combine. If the mixture looks a little watery, cover it and let it sit for a few minutes to absorb more liquid, then stir again. Serve topped with parmesan and basil.