Cut a slit down the center of the drywall bubble with a razor blade.
Dip a Q-tip in water and force the wet Q-tip behind the slit drywall tape to wet it. Remove the Q-tip.
Smooth the drywall tape back against the joint compound to get rid of the bubble.
Insert the tip of the razor blade behind the bubbled piece of drywall tape, and slice it away from the sheetrock joints. Discard the old piece.
Mix enough drywall joint compound to resmooth over the area. Follow the compound mixing instructions. Many joint compounds require 1 1/2 gallons of water per one bag of joint compound.
Apply a generous amount of joint compound with a 6-inch knife to the seam that is now exposed from the piece of drywall tape removed.
Flatten a new piece of drywall tape over the compound. Wipe down the length of the tape with your hand, using moderate pressure.