Clean the wall surface with trisodium phosphate cleanser and a rag. The patching compound works better on a clean surface, and paint covers better over clean drywall.
Apply patching plaster to wall cracks or small divots using a putty knife. Patching plaster fills in smaller imperfections easily, but it won't work well on any holes more than 2 or 3 inches wide. For larger holes, use a quick-set wallboard compound.
Smooth out the plaster or wallboard compound using the putty knife. It doesn't need to be perfect, but the more even the surface is right off the bat, the less sanding you'll have to do. Wait for the fresh patch to dry.
Sand the plaster with 150-grit sandpaper until it is smooth and even with the drywall surface.
Wipe off leftover sanding dust using a moist rag.
Protect trim and wall fixtures using painters tape.
Paint the edges of the wall first using a 3-inch brush and latex paint.
Paint the main wall surfaces with a medium-nap roller and latex paint.
Let the first coat dry completely, then apply a second coat of paint if necessary.
Remove the painters tape after 24 hours.