Probably THE most important factor in disciplining children, especially younger ones, is for the punishment to take place as soon after the misbehavior as possible. Say whatever you want about spanking, but it can be administered promptly and it gets the child's attention. If the child(ren) know that spanking is an option and that it will be used as needed, chances are that is won't have to be used often. The formula is simple--note the misbehavior, tell the kid to stop or else a spanking is coming, and follow through if necessary. And, by the way, the spanking doesn't have to be all that hard to get the point across.
"Time out" is a fine option... to be used right after the spanking is administered.
I wasn't being sarcastic. I meant it. A timely swat on the butt under the right circumstances can work miracles.