In a bowl, combine egg, bread crumbs and salt. Crumble beef over mixture and mix well. Shape into 1 inch balls. In a large saucepan, brown meatballs; drain. Add the water, celery, corn, potatoes, carrot, onion, bouillon cubes and hot pepper sauce; bring to a boil.
Reduce heat; cover and simmer 25 minutes or until meat is no longer pink and potatoes are tender. Stir in the cheese sauce; heat through.