Use some joint compound and scrape a thin coat over your patch. Once that drys you can sand it a bit and your ready to paint!
The Popsicle stick really makes it easy to do these sorts of patches. If one happens to fall inside the wall just go get another one!
This sort of patch is great if the hole is small and you want to minimize the additional damage you have to do to the wall. You can do this fix without getting the area full of drywall dust and you can preserve as much of the original wall texture as possible.
The hot glue works really well because it lets you position the patch piece exactly. You can fiddle with the tilt and the depth and then just wait for the glue to firm up and it's done. Also if you don't happen to have an outlet near the hole itself you can let the gun warm up on some other outlet and it'll still be able to put out glue once you've walked it over to your hole.
Now if only my kids would stop knocking holes in the wall!