Agree with other posters - go to a flooring store and get flexible, rubber baseboard and glue it to the wall. It's shaped with a berm at the bottom, to deflect water that hits the wall. I just installed 44 feet, and with glue and the baseboard it came out to about a buck a foot. They will have different colors to choose from too. The flooring store will also have the glue, which will cost about 4 for a caulking tube, which covers about 18 linear feet of the baseboard material.
Oh, and here's a tip -- DON'T duct tape the baseboard to the wall after glueing to hold it tightly in place at the top -- the duct tape WILL remove the sheetrock paper. Um... I have a "friend" that did that recently, ha ha.