yup, go to home depot, pick up some dry wall putty for a few bucks and these bad boys..
take less than a spoonfull of dry wall powder stuff, and sprinkle a LITTLE BIT of water. you do not need a lot at all. mix er up, use a putty knife to apply it, you can leave it chunky on there, just make sure it gets in the hole and covers it.
use a blow dryer to dry it fast. sand over it lightly until smooth. vaccuum at the same time to catch all the dust.
then use the picture above and yer set.
sources: my dads a paint contractor and i've worked with him for quite a few years.