Go over the whole wall with a razor scraper, removing any high points of plaster or other obstructions.
Spread joint compound over the wall with your 12-inch drywall knife, in a thin layer, holding the knife edge at an angle and scraping tightly over the surface. This should fill in the depressions and low spots while scraping most of the compound off the flat parts. Do the entire wall.
Let the compound dry for four to six hours. Scrape it flat with your knife to remove any high points.
Lay a second layer in the same manner. Again, keep it very flat and thin.
Let the compound dry about four hours.
Let the third coat dry overnight. Hand-sand it gently, smoothing out the surface. Re-paint the wall.