What's the easiest way to fix a rip in a wall?

Its the wall in my bathroom. I tried to put this self adhesive towel hook on the wall and it was a little crooked, so when I tried to fix it, it kind of ripped a layer of the wall off. I think this is a paper wall. Its painted, but underneath is a brown, cardboard looking material. Its almost like there was wallpaper or something. What's the easiest and cheapest way to fix this?

Here is a great video and steps
http://www.easy2diy.com/cm/easy/diy_ht_3...

Use joint compound as stated but in my experience you'll have to put on two or three coats before sanding.

SPACKLE AND REPAINT IT.

GOOD LUCK.

You peeled away the top layer of your sheetrock. Don't use spackle like they said, spackle sucks! Its good for little nail holes thats it! Get a small can of joint compound and a putty knife. Spread a very thin layer of this compound over the area. Let it dry, then sand it smoothe. If it cover the problem and looks smoothe, it's ready to be painted! That's it!

joint compound is the way to go but eaiser to spread evenly with a 6in taping knife. or far as cheapest way maybe buy something a little bigger than the rip to cover it up. maybe a piece of wood painted white screwed to the wall with the hook connected to the wood 3inx3in

ok what you did is ripped off the first protective layer of your drywall. go to your local store hardware store get som spackle, spackle blade, and sanding paper (just one sheet). then you put a thin skim coat of spackle over the damaged area. once you do that let it dry and once its dry sand it. get your paint if its shiny wall paint like an eggshell prime the spackle first then put your wall color on.