Knock all of the loose stuff off, sandblast everything, then apply a hefty coat of stucco in your choice of colors. Sounds easy, right?
But be prepared to work your butt off, because everything above is hard work. I'm practically breaking into a sweat just writing about it, as old memories of past stuccoing adventures come to mind. And doing it correctly is harder yet.
But there's a far easier alternative--look in the yellow pages for concrete repair, stucco work or even masonry work. Pick the one with a good reputation and a decent quote, and just write a check when he/she is done.