Spread a 1/4-inch layer of drywall compound on the concrete block wall with a trowel. Apply the compound in a rough texture to simulate the appearance of stone. Drag the trowel across the surface. Leave the grout lines between the blocks uncovered so that they can appear to be the grouted lines between the stones. Allow the joint compound to dry 24 hours.
Pour interior latex wall paint into a roller tray. Roll a textured roller in the tray to coat it with paint.
Roll a coat of interior latex paint on the wall with the textured roller. Allow the paint to dry 24 hours.
Apply the paint glaze to the wall everywhere except the grout lines with a sponge. Dab the sponge on the wall to add texture to the surface.
Dab cheesecloth over the glazed areas of the wall lightly to soften the appearance of the glaze. Continue with this process until you are satisfied with the overall appearance of the wall.
Paint the grout lines with paint glaze using a small artist brush to complete the wall.