Scrape free all visible protrusions such as nail holes and chipped drywall using a putty knife.
Sand the drywall smooth using a hand sander fitted with 220-grit sandpaper.
Drag the edge of a metal ruler across the wall, noting where it "rides" along previously undetected bumps or protrusions.
Cut a circle around protrusions that you can't sand without wearing out multiple sheets of sandpaper.
Excavate the protrusion from the wall with the tip of a carpenter's razor until you have created a small divot.
Use a putty knife to fill the divot with sheetrock mud.
Scrape the mud smooth using the edge of the putty knife. Allow the mud 24 to 48 hours to dry.
Sand the dried mud smooth using the hand sander and 220-grit sandpaper.
Drag the edge of the metal ruler across the wall, ensuring you have detected all uneven areas in the wall.