A child this young isn't "out of control," he has simply not been in the world long enough to have much control yet. That he will learn gradually over the next dozen or so years. And your son is just entering the 2-3 year period that is almost impossibly frustrating to many toddlers. He now sees himself as an individual, and sees so many interesting things he wants to touch, do, manipulate. He has limited motor skills, little language, and virtually no access to the things he craves unless he can convince his parents to give him that access.
Generally, the most effective way to handle a young child's acting out is to consider what is actually age-appropriate, to provide the gradual transitions and playful interactions that children need, to direct their attention elsewhere, to avoid overstimulating or over-scheduling, to be sure that kids get rest and nourishment when they need it. And if they act out anyway, model the alternatives.
For aggressive or self-harming behavior, simply and immediately restrain the child by holding arms down gently, removing him from the scene of the behavior if necessary, while using a calm but firm command like "Gentle!" or "NO pushing/biting/hitting!" Then model, or coax the child to role-play, the preferred behavior. And model using words, like "I want that," or "I feel so mad," or "Don't pull on me!" or "That was mine!"
This will begin to teach other choices, and at younger ages, will probably make a stronger impression than a swat or a couple of minutes in isolation, which very few children will connect logically to the original offense, particularly if they are still lost in frustration or outrage.
"Discipline," as originally used, meant guidance and teaching, rather than punishment. And time-outs, if used, are ideally a calm retreat in which a child (and even a parent) can regain control of emotions, and not a means of deprivation or punishment, which only tends to provoke even further outrage in some children who sense that they are being punished unfairly.
Even most proponents of time-outs see them as being pretty useless before 18 months to 2 years, at minimum. While there's a range of opinion, many parenting experts doubt that time-outs are as useful as other forms of teaching, and for some little personalities, they do not work at all. Particularly if the time-out itself becomes "the" battle, and the original misbehavior is lost in a drawn-out struggle to make the child "do his time." This can establish an antagonistic relationship between parent and child, which is sad and unnecessary.
It's helpful to recall that a frustrated child who's barely more than a baby has very little emotional capacity to be patient, consider alternatives, and make the wisest choice. Even grownups haven't mastered impulse control under all circumstances.
Check out this video to see Dr. Harvey Karp "reach" young children and get them on his team, emotionally. Very effective: http://www.youtube.com/watch?v=fJ1428uYs2g&NR.... .
I hope you'll also google Emotion Coaching and get a glimpse of what great results can be had using non-confrontational parenting. It's still very authoritative parenting, it is just more polite and respectful than some of the traditional authoritarian approaches. And since kids learn what they see by example much more effectively than through verbal instruction, they become civil and polite without being scolded into it.
Another superb source of advice is the book How to Talk So Kids Will Listen, and Listen So Kids Will Talk, by Faber and Mazlish. As your child develops an ability to listen and communicate, the wisdom in this book will make it a resource you reach for again and again. It's my current favorite with my 4.5yo grandson. The techniques and ideas are mutually respectful, and they work brilliantly.