I couldn't find tips specific to faux finishing, but it seems you have two options for removing dried paint drips on walls:
1. Sand the area with a fine grain sandpaper. Sand only in the direction of the drip. Clean the off the dust. Follow up with new thin coats of paint. Make sure to wait until the paint has cured completely or you could just make it worse.
2. Use a razor blade and gently shave off the drips and runs. Use a q-tip or small paint brush to touch up paint.

Since you have a faux finish you are probably going to want to blend it in. Expert village has a set of how to videos that illustrate techniques that might be useful to you:
http://www.expertvillage.com/video/123_faux-finishing-technique.htm
You might also want to look at the techniques here: http://video.bobvila.com/m/21719809/faux-painting-techniques-color-wash.htm

To Reduce Drips in the Future:
1. Use thin coats of paint (use less paint on you brush/rag).
2. Stretch a strong rubber band around an open paint can, centering the band across the middle of the can opening. Wipe excess paint off brushes as you go.
3. Brush out wet drips or smooth drips and runs with a cloth while the drips are still wet.
Source(s):
http://www.doityourself.com/stry/paintaccidents
http://woodworking.about.com/od/finishing/qt/FixPaintDrips.htm
http://www.angiehicksblog.com/painting/
http://forum.doityourself.com/painting/156315-how-fix-paint-drips-have-drie...

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