Fry the pancetta (if you can find guanciale, this will work as well, as will bacon) in 2 tablespoons of olive oil in a skillet or frying pan until lightly browned. Leave on lowest heat.
Boil the pasta according package directions.
While pasta is cooking, beat raw eggs in a mixing bowl. Add grated cheese, one tablespoons of olive oil. A small amount of cream or butter may also be added (I tend not to, just to keep the saturated fat a little lower.)
Drain spaghetti. Remove pancetta from heat. Drop the pasta into the pan with the pancetta, let finish cooking for a few seconds.
Add the egg mixture to the pan with the hot pasta away. Make sure the heat under pasta skillet is off to avoid coagulating the egg, which must remain a liquid component of the sauce as it cooks. Add copious amounts of freshly ground black pepper. Salt to taste.
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