Is a long messy fix to say the least! To completely redrywall is very costly. Your only real hope is to apply a first coat of joint compound about the thickness of a nickel with a 5" compound knife. Sand it down when it is dry. Apply a second fine "Skim" coat if needed and sand it again. To avoid and unexpected bubbling up of your great work over many hours, apply an oil based primer such as Kilz or Zinzser before painting. Open the windows and don't stay in the room long without a special mask as they will make you dizzy and silly headed in underten minutes.....
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