The tape you mention only makes me think of the yellow adhesive grid fiberglass tape for seams and patches, but you still have to use mud and it isn't intended to span long distances of free space.
If your hole exceeds about 3", the best way to do this is to cut a paint stiring stick or equivelent to a length at least 2" longer than the width of the hole, then insert the stick into the hole and bridge it across the back of the drywall so you can screw drywall screws into each end through the good drywall. Now you have something to attach your patch drywall to. Cut a piece of drywall to mostly fill the hole and screw it to the stick, then use your yellow fiberglass tape to go over the seams.
You can find quickmud in drywall supply stores in 90, 60, 30, and faster rates, although I don't recommend anything faster than 30 minutes for the novice. This stuff dries harder than the regular drywall mud, so it is harder to sand and shape. several thin layers of mud are better than a couple thick ones.
Once you get your final skim coat on and let it dry, sand it smooth and use a can of spray tex from Homax to get your texture. Now you are ready to prime and paint!