A big part of parenting is learning about which of your daughter's behaviors are age/stage appropriate - because it's really useless (even counter-productive) to do time-outs or punishments for behaviors that are just normal for their age (and which they'll outgrow in a few short months). Most discipline for such a young toddler will consist of techniques like redirecting her behavior, making sure she's getting enough exercise (they have *so* much energy), making sure her physical environment is appropriate (for example, it'd likely be asking for trouble to take her to a really nice restaurant at 8:30pm and expect her to sit quietly for a 3-hr meal), substitution/distraction, lots of physical guidance, appropriate (not extreme, just appropriate to their age and their personality) childproofing, etc.
For starting time outs with a 1 1/2 yr old, check out:
10 TIME-OUT TECHNIQUES
http://askdrsears.com/html/6/T061900.asp
While time-outs work for some families, other parents & kids find that time outs work at first but eventually become ineffective, so there are other tools available for setting limits and disciplining your daughter. It really depends on your personality and your daughter's personality whether time-outs would be an effective parenting tool. I highly encourage you to read these quick tips:
8 TOOLS FOR TODDLER DISCIPLINE
http://askdrsears.com/html/6/T060500.asp
9 DEVELOPMENTAL REASONS WHY TODDLERS CAN BE DIFFICULT TO DISCIPLINE http://askdrsears.com/html/6/T060400.asp
And there are some other really wonderful discipline resources available - some are books you can get out of your local library, others are online resources:
BECOMING THE PARENT YOU WANT TO BE: A Sourcebook of Strategies for the First Five Years (by Laura Davis,Janis Keyser)
http://www.becomingtheparent.com/all/subsection12.html
Connection Parenting: Parenting Through Connection Instead of Coercion, Through Love Instead of Fear (by Pam Leo)
Parenting from the Heart: Sharing the Gifts of Compassion, Connection, and Choice (by Inbal Kashtan)
Discipline & Behavior
http://askdrsears.com/html/6/T060100.asp
Positive Discipline parenting classes and coaching (via phone or via online chat)
http://www.howtoparent.net
Non Violent Communication w/ Children
http://www.cnvc.org/motherin.htm
http://www.cnvc.org/grabbing.htm
You will find your way with disciplining your daughter - most of all, don't be afraid to try a variety of approaches. Don't get hung up on using time-outs just because they're popular. Each child is different, as is each parent - find which approaches work best for you, your child, your family (and that could well be time outs, or even a combination of time out & other parenting strategies, or something entirely different).
Congratulations on the birth of your daughter who has so quickly grown into a toddler! What a wonderful age - it can certainly be an intense time, but this age is so adorable... :) Enjoy every moment!