Patching and Plastering - (Drywall) patch for a large gap?

I have an interesting dilemma..

I'm about to repaint the entire interior of my condo...however, I ran across a place in a section of drywall that probably needs to be patched up a little..

However, this place intersects with the edge of the skeleton of my patio/sliding glass door:

http://i244.photobucket.com/albums/gg4/the_nightfly001/Drywall/SC_05162008017.jpg

Somehow or the other, then I have my doubts as to whether I should pour (infinite?) amounts of drywall compound down this hole because I don't believe that it would ever fill up..

So how can I dress this gap up a little so that I can paint over it and so that it won't be reminiscent of an ancient, run-down beach motel?

Many thanks to all who reply!

DAPtex plus foam, then caulk. Smooth it off, then paint.

The foam is a good idea. I would then put a run of paper tape w/ joint compound from the hole down to the end of the crack. Sand smooth, prime and your good to go.

Duh...didn't even notice the crack. Yes foam, tape, mud, sand if necessary then paint.