I suppose I should add my developing opinion here. After having taught for quite a while and thinking that what many of my students needed was a swift kick to the head (to say nothing of a swat on the behind), I think that if my kids got out of control, I'd spank them. Or I'd let Mr. KKC do it.
I'd try time-outs and the revocation of privileges first, but as a last resort, spanking might come out. The ivory tower idealist in me says that there's never any good reason to hit a child, that violence and love are mutally exclusive, etc., but I swear, I will NOT have my children behaving like most of the kids in my classroom.