Getting the perfect bead of caulk isn't easy, and trying to smooth out a botched bead can be even harder. Often, it can be easier to remove the entire bead before it dries and start over again. Removing wet caulk can be a quick and relatively painless process, depending on what sort of caulk you're using and whether you picked up the proper cleaning materials ahead of time.
Remove the caulk using a putty knife or other flat-edged scraper. Scrape out as much caulk as possible, but don't take so long that the caulk begins to dry.
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Scrub the caulk residue away using paper towels or disposable cloth rags. For latex caulk, the rags can be moistened with hot soapy water. For silicone, mineral spirits are required.
Wipe the area down with clean water to remove any residual soap or solvent. Dry the area using clean towels or rags in preparation for re-laying the bead of caulk.