Lay drop cloths underneath the wall and tape them down with masking tape. This is a messy job. Drop cloths will protect your flooring and make the clean-up process easier.
Pry off the old sheets of drywall with a pry bar. Start at the edge of the wall. Insert the pry bar underneath the drywall then pop it out of the frame. If the drywall is still wet, it may crumble.
Remove any remaining nails or screws and scrape off any residual drywall. Drywall pieces will cling around the screws or nails in the wall studs. Pull out the nails or back out the screws with a screwdriver. Look into the spaces between the baseboards and remove any pieces of drywall that may have fallen into this area.
Pull out any wet insulation. This will have to be replaced with new insulation once the wall is completely dry.
Dry out the wall cavity with a hair dryer or a portable heater. If you are pressed for time, use a hair dryer and wave it in front of the wall cavity. If time is not an issue, place a portable heater 3 feet away from the wall and turn it on to dry out the space. Ideally, give the area a few days to dry out before repairing the wall.