Place the end of a crowbar between the wall and the baseboard. Use the crowbar to pry the baseboard from the wall. If the damp drywall is by the bathtub, remove bath tiles from around the damp area.
Open as many windows in your home as possible. This creates a gentle cross breeze, which is good for drying damp drywall. Set up a fan near the damp drywall. Aim the fan at the wall and turn it on. Place a dehumidifier in the room to suck some of the humidity out of the room.
Inspect the drywall once it's dry. If floodwater was the cause of the damp drywall and it was damp for 2 hours or less, most likely it is salvageable. If an entire wall of drywall was damp or the area was damp for more than 2 hours, it needs to be replaced. If the dampness was caused by a leaky pipe, dry the drywall as soon as possible to minimize damage.
Scoop up some spackling compound with a 3-inch drywall knife. Hold the knife at a 45-degree angle and smooth the compound over the damaged area. Allow this coat to dry for 2 to 3 hours.
Spread a second layer of spackling compound over the damaged area. Feather it out to blend the damaged area with the surrounding area. Wait 10 to 12 hours for this coat to dry.
Sand the spackling with a 220-grit sandpaper until it is smooth. Prime the area and paint it. Reattach the baseboard once the paint has dried.