Patching drywall or fixing holes in sheetrock is fairly simple. Small drywall holes can be repaired with drywall compound. Larger holes need a sheetrock patch and compound.
Step 1: Make a Drywall Patch From Sheetrock
Take a small square piece of sheetrock and draw a plug the same size as the hole in the wall on the back of the sheetrock. Cut the plug out leaving the front paper of the sheetrock intact.
Step 2: Place the Patch Plug in the Hole
Place the patch into the hole in the wall to see if it fits. If it fits then pull it out a little and apply drywall compoundto the brown side of the paper and put it back into the hole.
Apply an even layer of drywall compound over the entire patch and let it dry for at least twelve hours.
Apply a second coat of drywall compound to make an even surface. Let this dry for at least twelve hours.
Sand the patch so that it blends in with the rest of the wall.
You might have to match the wall texture. You can do this with an air compressor and hopper. You might be able to find spray on wall textures which makes it much easier.
The wall is as good as new. It is now ready to paint.
You can find these handy tips along with many other home construction ideas at www.make-my-own-house.com