Repairing a sheetrock wall

In the house I recently purchased, I have a sheetrock wall that is full of ridges. They aren't deep, but they cover most of one wall. It is also painted with a semi-gloss paint.
I want to smooth out the wall. What would be the best way to do it? Sand down the ridges or skim coat the entire wall? Or.... any ideas will be appreciated.
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i'm not a sheet rocker , but unless i needed to excercise my arms really really bad i would use that stuff you spread w/ big puddy knife lookin thing
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i would just use a 10" drywall knife and make a pass on one side of the ridge, then after drying, do the other side. probably a repeat of the whole procedure with a 12" knife will be necessary. with some level of skill and practice, sanding shouldn't be needed.
bill

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Hey... that worked out real well! Very simple.... but yes... I still needed to do some sanding! ;-) Playing with the mud wasn't as hard as I feared!
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