In a large skillet, brown the meatballs in the oil. Drain of any excess grease or oil.
In another large skillet, make the roux with the oil and the flour. Put about 1/4 cup oil into the skillet along with about 1/4 cup of flour. Put the heat on medium and stir the entire time. The roux will bubble and begin to darken in color after a few minutes. (You have to watch your roux so it doesn't burn. You'll want the roux to be a nice, chocolate color.) When it's done take it off of the heat.
When the meatballs are browned (and drained if you like), add enough water to cover the meatballs and then stir in the roux.
Let this meatballs and roux boil for at least 30 minutes, cover if needed. While the meatballs are boiling, add in the chopped onion, chopped celery and chopped green peppers. Stir in the Creole seasonings.
After the meatballs and roux have had time to hang out with the vegetables, add 1/2 cup of rice (plus about 1 cup of water, if lots of the water boiled off.) Let cook for another 20 minutes, or until rice is tender. Season with salt and pepper, to taste.
Serve Cajun Meatball Stew with side of veggies or fruit.