Dave - the bad side of this is if you repair the hole and use it again it will just strip out on you.
You need to use one of those MOLLY BOLTS shown above and that will spread out behind the wall and hold up a bunch of weight.
If you are hanging a TV MOUNT or something that is heavy you really need to add a back board first like a 3/4-inch board so you can spread out the weight. Use molly bolts in the four corners of the back board or screw directly into a thin wall stud. Then you can use regular screws into the board instead of the thin wall.
Molly bolts available from LOWES
Roy Ken
