Remove the bubble by cutting a hole in it with a sharp utility knife. Be careful to cut only the top surface. Cutting too deeply will damage the drywall.
Scrape off any loose drywall or tape around the bubble using a scraper.
Apply a thin layer of drywall mud to the area with a putty knife.
Cut a new piece of drywall tape to cover the patch if it is on a seam or in a corner. Place the tape on top of the mud, and allow it to dry overnight.
Apply another layer of drywall mud on top of the tape, and allow it to dry.
Wait at least 24 hours until the mud is completely dry. Sand the area with a fine-grit sandpaper until it is smooth and even with the surrounding wall. Wear a safety mask and goggles to prevent breathing in the drywall dust.
Wipe the area with a clean, dry cloth to remove any dust. Paint the repaired area with paint that matches the rest of the wall.