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Although their applications are very similar, no drywall compound and spackle are not the same thing. Spackle is a bit thicker and is used to patch holes as it dries quickly and is easy to sand. Joint compound shrinks a bit more and can be more temperamental to spread. However, one benefit is that you can use joint compound as spackle (for small jobs), but you can’t use spackle as joint compound.  

The short answer is yes, a sagging plaster ceiling is dangerous. Sagging plaster on a wall is something you should fix immediately, but it isn’t a major concern. If the same type of sagging occurs on a ceiling, however, you could be in danger of your ceiling falling in large chunks. When plaster sags, it loses its strength and ability to hold itself up. The bonds that hold it together are strong, though, so if a sagging area falls, it will take large pieces down with it.

Plaster walls last 30 to 70 years, although expertly applied and well-maintained plaster can last for centuries. That’s why it’s important to leave plaster installation to a pro, treat cracks as needed, and have a pro inspect any concerning cracks as soon as possible. These efforts can greatly extend the life of your plaster walls for decades to come.

If the water damage is small, such as small patches, you can paint over the area. To prevent mold growth, roll on a coat of an antifungal primer beforehand painting. However, if the damage is more extensive, you may have mold, and the plaster will be compromised. You’ll have to replace the plasterboard.