Exactly. I learned how to drywall by doing my garage... which turned out so well two different neighbors paid me to do theirs.
Just make sure to properly tape and throw a bunch of mud. Using a small knife like an 8" will never give you good results. I always use a 12-14" knife and after putting down the mud, use the large blade size to thin it out and create a uniform surface.
This is what you're shooting for:
I personally use the Screw & Glue method of installing drywall. All studs are first given a good bead of Liquid Nails (make sure you buy the bigger 32oz "magnum" calking gun size), then screwed with coarse thread drywall screws. My Makita impact driver works great and makes quick work of big jobs.
Also... don't make the mistake many people do and buy your mud from the paint section at home depot. Go to the back of the lumbar area where the drywall is and get the premixed 5 gallon bucket for $12. Everything in the paint section costs 5x more because of its fancy consumer packaging.
Oh yeah. And once everything is dried and sanded, YOU MUST PROPERLY PRIME drywall. Always use a primer that is specifically made for Drywall. At the very least use a PVA primer, and if you can spend the money... buy the good stuff like Vinylastic from Dunn Edwards.
The most important thing to remember in order to get a good paint job is proper surface prep. Not priming or using a crappy primer will result in an uneven surface and flashing caused by variations in the surface porosity. When properly primed, no variation exists.