To cover up the holes, you cut some drywall that will fit in the holes and then you screw some pieces of wood inside the hole to act as backing for the filler drywall pieces. The wood is wider than the hole and you screw through the existing drywall to support the wood, Next screw the filler pieces of drywall to the backer boards and then tape and mud the seams around the hole. Next comes some sanding and painting, voila, hole gone.