I agree that the problem needs repair sooner rather than later, and recommend using a cable locator when you start drilling holes in the wall next time.
Is the wall solid or of stud wall construction (hollow)? If the wall is hollow then the fix is easy.
Using a cable locator, trace the run of the wire using a pencil (draw lightly) and then, using a padsaw, remove a small rectangle of plasterboard around the drilled hole site (switch off the power first), then using a pulling hook (or bent wire coathanger), pull the damaged wire out throught the hole, then cut the wire at the damaged point and repair using a strip terminal. Tape the junction with electrical tape and re-insert into the wall, then repair the wall with filler.
I hope this helps.
Preseli Computing, February 2006