Jan 07, · Jay, There's NO way to remove latex paint from drywall. It's absorbed by the paper covering. What you need to do is resand, apply more mud, resand, etc., till you get it right, then repaint over the top of the whole thing. Status: Resolved. How to Remove Dried Water-based Paint from Your Walls How to Remove Dried Water-based Paint from Your Walls. What You'll Need Rubbing alcohol is able to break down many substances with one being paint. It can be used to remove oil-based paint as well as water-based. Just pour a very small amount on a microfiber towel, and place it over . need help removing latex paint splatters from drywall Tags: Painting I've tried sanding, paint thinner and remover, a heat gun and anything else I could think of to remove latex drips and runs from drywall walls.