lay new wall over old

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i was wondering what the best way is to do this and what the cheepest materials would be to do this with.....

i am working on a fixer upper and the heavy rains have caused lots of leaking from the roof on to the walls. (this has gone on for many, many years as this home sat empty. just recently acquiring it i am finding the problems.) one wall mainly seems to be leaking/rotting from the outside in its 4x9 and the fireplace sits in the middle of the wall ceiling to floor. it is the corner of the house where the rain washes off or slopes down.

now that the roof has been repaired, its time to fix the wall. what are my cheep options? the rest of the walls in this room are the old wood look panneling that i have filled all grooves in with texture to give the illusion of a smooth wall, like drywall. what will i have to watch for since it has a fireplace on it? no outlets on it-oddly enough, and no windows. since the exsisting paneling is badly damaged and is begining to wave and curl up, should i panel over it? or tear it down? use adhesive or can i nail over it?

what do i do to make sure that the depth of this wall is equal to the depth of the wall on the other side of the fireplace? or should i even worry about the depth of the wall?