Generally, spanking is out of favour nowadays. Still, most of humanity used it until very recently, and not many children were severely damaged by it. Some were, however, and some still are, as we can read in the newspapers from time to time.
"A little spanking," as your question put it, is not very precise. Some people would take that to mean spanking only when used to avert something terrible, like a child preparing to set the house on fire. Others would think that any beating that does not result in injuries requiring medical attention is perfectly all right. Need I say that the second group are wrong?
As far as the use of physical violence is concerned--and let's face the fact that a spanking is violent by its very nature--parents are best advised to avoid it. You aren't allowed to spank your spouse or your employees, so why should you be free to assault your child?