Combine the jelly, the chili sauce, and the cayenne in a medium non-stick saucepan and heat until warm. I also whisk this very well for several minutes.
Set up a large slow cooker and set to 'low.' Place cocktail meatballs into the cooker and pour the sauce over the meatballs. Give the entire pot a good stir with a rubber spatula and replace the lid. Cook on low for 4 hours.
For tailgating, serve right from the crock pot with toothpicks to handle. You may want something nicer for a holiday party. I use a party chaffing dish.
Notes
Four pounds of mini meatballs may sound like a lot, but if you figure around eight to ten meatballs per person, you are right up there with a houseful of 15 to 20 partygoers.