Determine the cause of the water damage. It is recommended that the sheetrock be removed and replaced if it is exposed to heavy water damage, whether the water causing the damage is clean or contaminated.
Open all the windows and doors in the building as long as the air is dryer outdoors than it is indoors. At night, close the windows and doors to keep the dryer air inside.
Set up fans in your home to circulate the dry air. Do not use the fan on your furnace if any of the duct work has been exposed to the moisture as this can circulate dirty air throughout the building.
Plug in a few dehumidifiers around the building to help suck the moisture out of the air. Empty the dehumidifiers immediately once they become full.
Spread clay cat litter on the floor next to the walls. The cat litter will absorb the water so the sheetrock does not continue to draw it up.