Take all the furniture out of the room. Lay out tarps at the bottom of the wall. Set up your ladder.
Scrape the wall with your drywall knife, taking off any loose paint or plaster.
Go over the whole wall with your vibrating sander, just enough to take off any shine.
Spread skimcoat plaster over the wall starting at a top corner and moving down and across, using your drywall knife. Run the knife at a shallow angle over the surface so the plaster goes on very flat and thin, filling the low spots.
Let the plaster set for six hours.
Run your drywall knife over the surface at a steep angle to knock off any ridges or lines.
Spread on a second coat of skimcoat plaster in the same manner as you did the first, in a thin, flat layer. Let it dry for 12 hours.
Lightly sand the skimcoated wall with your drywall sanding pad. The wall is now ready for painting.