Cook beef over med heat, stirring frequently to crumble, about 10 minutes or until beef is no longer pink.
Drain. Add seasonings (chili powder through pepper) to beef. Add water to beef mixture. Mix well.
Bring to a boil, reduce heat, and simmer until thickened; about 10 minutes.
Arrange lettuce on each of 4 plates. Top with beef mixture, followed by cheese, tomatoes, salsa, olives and sour cream.