PS - I wanted to give a big thanks to everyone who encouraged me through this disaster, specifically some great blogger friends, Kim from Kim Power Style who really made me feel like I could do it, Dannyelle from Life's a Party who gave me some funny anecdotes of her drywall repair experience and Laurie from Vin'yet Etc. who gave me some great tips towards the end (eg don't forget to prime).
I started by cutting out the holes to make them square (ensuring it overlapped a stud on either side). I cut the new drywall to matches these holes (you can just score and snap the drywall - you don't need a table saw as I almost purchased). I screwed in the drywall using the dimpler. Then I used the drywall compound to fill the cracks and placed tape over the crack and spread compound over the tape. I waited 24hrs then the next night I sanded and did a skim coat over the entire wall.
Next I primed and painted, including painting the molding black (risky but I love it).
Don't forget to check out the other designer bloggers participating in the @OneRoomChallenge and the other guest participants linking up at Calling it Home.
To see my original laundry room makeover plans check out my week one post, follow me on Instagram to keep up to date and stay tuned for next week when I tackle the wallpaper, counter top, sink (and perhaps the Delta faucet).