There are two types of joint compound to patch holes or cracks. Tim Carter of AsktheBuilder.com explains why you should use the fast-drying joint compound. Both regular and fast-drying products start out as a powder which you add water and mix to create a smooth mixture. The first is drywall compound which drys very slow. The other option is joint compound. This compound drys very quick. In fact, it will have a number on the bag and that is the amount of minutes you have until it drys. Both products work well but the joint compound gets you results quicker.