Remove the furniture from the room. Lay out tarps around the base of the wall.
Use a drywall knife to scrape the whole wall, knocking off any peeling paint and other loose material.
Spread plaster over the wall starting at top, on one side, using your drywall knife. Drag the knife straight over the surface to apply the plaster in a thin, translucent layer, filling any low areas and crevices without significantly building out the flat areas.
Do the whole wall. Let the plaster dry for six hours.
Scrape the dried plaster with your drywall knife to remove any ridges or other high points.
Apply a second coat of plaster in the same manner as the first, keeping it very thin. Let it dry. Scrape it flat. Add a third layer if necessary, based on whether the wall surface is flat.
Let the final layer of plaster set for eight hours. Sand it very lightly, to smooth it out. The wall is ready for repainting.