Patching and Plastering - Best way to fix this problem?

So the previous owner had this ugly "cable hider" strip running along the top of the baseboard, which actually made it look even worse than just having the cable there. I pulled it off, and it took the paper off the drywall in some spots.

The basement needs to be repainted anyway, but can anyone recommend the best way to repair this without it being noticeable?

sand it? spackle it? I've tried to do drywall repair before and it always comes out looking not-so-good (eg: not flush, etc).

thanks!

http://www.dcsportbikes.net/~hitman/wall.jpg

I would use setting compound (durabond 45) on it.

I would use setting compound (durabond 45) on it.

To a complete newbie, can you lay out some base instructions on how to do it? Or perhaps a link? Just wondering if I should sand it first.

YouTube - spackle drywall (http://www.youtube.com/results?search_type=&search_query=spackle+drywall&aq=0&oq=spackle)

There are a bunch of videos on youtube. The only difference is, I prefer setting compound, which is a powder, that you have to mix with water. Also, I use a wet sponge in place of sand paper once it's dry.

If you prefer something ready made, use the light weight joint compound. Remove any loose particles with a scraper or sand paper, as you mentioned before.

First you want to cut and scrape away any loose material. It looks like you pulled up some caulk so cut it away as well. Then sand a little before to get the loose fuzzy stuff off. Then apply your mud.

Great! Thanks much. This should definitely help.