Cook the spaghetti using the instructions on the package.
Heat the oil in a small skillet on medium heat. Add pancetta and stir frequently until cooked, about 6-8 minutes. Allow to cool slightly.
In a large mixing bowl, combine the eggs, grated cheese, remaining ½ tsp salt, black pepper, and pasta water (if the water is too hot you might want to add it in small amounts so the eggs won’t scramble). Mix well. Add hot spaghetti. Add the cooked pancetta and its oil over the pasta and combine thoroughly.
Divide among 6-8 serving bowls.