K.C.
I've been mostly lucky with my 2 year old girl (+ several months), but she has had her moments. Most of my learning has been from my nearly 2 nephew(23 months), who currently lives with me and terrorizes his mother. I see how I handle my child, and how my sister-in-law handles hers - and the parenting makes all the difference!
Right now your son is learning how far he can push you, and whether or not you can be manipulated - he's not too young for that. Your best bet is, NO MATTER WHAT, 100% consistency. Don't EVER make empty threats or not follow through on something that you say you will/won't do. Let him test his limits, but pick a point to stop the behavior and stick to it.
I completely think time-out works wonders... and we tried the crib too. But then my daughter started freaking out at bed/nap time and thought she was being punished. The last thing you need now (or I needed then) was more trouble at bedtime on top of all day long! Try another area - I have a baby gate that gets set up at the end of the hall, about 2.5 x 2.5 feet.
Good luck - your little boy is testing the waters around him, and it's normal. But you have to retain control, because there is a chance if this isn't curbed now, it could get worse and worse, especially once he goes to school.