Wet two paper towels. Add one drop of mild dish liquid to one of the wet paper towels. Rub the dish liquid into the towel to create a lather.
Wipe the damaged area of the air bed with the soapy paper towel. Wipe away the lather with the other wet paper towel. Allow the area to air dry.
Cut the cotton off the end of a cotton swab. Dip the end of the stick into a jar of rubber cement to gather some of the adhesive.
Poke the end of the cotton swab stick into the hole to fill it with rubber cement.
Cut two or three 1/2-inch pieces of rubber band. The thickness of the rubber band you should use depends on the size of the hole. Poke the pieces of rubber band into the hole. Allow the rubber cement to dry.
Trim away any protruding pieces of rubber band with the scissors. Sprinkle the repaired area with talcum powder or cornstarch to keep dirt from sticking to the area.