Suck out as much water as possible with an industrial wet vacuum. Suction up the water from the entire carpet and empty the return tank often to maintain maximum suction.
Pull up the carpet from the floor. If possible, take the carpet outside and lay it on top of blocks or bricks in an open area. If it's not possible to remove the carpet from the room, lift the carpet from the edges of the room and slide blocks or bricks beneath to allow for air flow under the carpet.
Point industrial fans toward the carpet to air dry. Put the fans in doorways and near open window for best air flow.
Run a dehumidifier to assist in removing the humidity from the room and allow for faster drying.
Remove the paint or wallpaper from the drywall. Apply a chemical stripper and allow at least 20 minutes to bubble the paint or begin breaking down wallpaper. Scrape away the paint or wallpaper with a scraper.
Drill holes in the bottom and top of the drywall. Use a large drill bit to make holes along the bottom of the drywall to allow air to flow through and behind the wall.
Direct industrial-strength fans at the drywall to begin the drying process.
Run a dehumidifier close to the affected walls to draw out as much water as possible.