Spackle works well. So does toothpaste.

Hopefully you have some extra original paint so you can dab it on the patch. If not you will have to try to match as best you can.

So I spackle a very tiny area, then dab just a little paint on the spot? Would it show if I used a little sponge thing? There is a lamp just below the spot, and I'm sure it's going to really light up the spot.
I have some Tom's natural toothpaste that is just calcium carbonate. Maybe that would work well?
I'm the world's worse figure-outer of where holes for pictures go. I measure and measure, but it still is in the wrong spot. Plus, I can make about 6 holes, trying to hit a stud! Thanks for your help.

Catherine-
Don't use toothpaste...that's what lazy people do in college dorms. If you want a permanent repair, spend $3 on a can of spackling compound and get a small tool called a joint compound knife ($5) so you can apply it correctly. You may have to fill the hole a second time because spackle sometimes shrinks a little when drying. If necessary, sand it lightly to bring it level with the wall after it dries, and then use the touchup paint. If the paint is a good match and you dab it on lightly with a sponge or paper towel, it may blend a little better. Afterwards, go buy yourself a $15 electronic studfinder so you can quit making unnecessary holes.

Thanks kudzu. Sounds like a plan!

Good luck. This is an easy project and a good way to find out that you are more handy at simple home repairs than you might think.

Do as kudzu advises on the sponge, towel, or sponge brush. A paint brush will make it very obvious. Dab the paint on and it will blend with the roller texture.

Michael

Also, you really don't have to find the stud to hang pictures. For the great majority of pictures, a hook that is sized for the weight of the picture will hold very well in drywall. If you're concerned, you can hang it from two hooks spaced 4-8" apart (try to get them level with each other). In fact, some people prefer to hang them from two hooks as the picture is less likely to be knocked off level while cleaning, etc.

Thanks everyone. You've given me some good info.

If you use the "Light weight" spackle it will dry in 30 minutes without shrinking...then you can lightly sand it if necessary and touch up the paint.