While spanking most likely won't leave deep psychological scars as some developmentalists will claim, it should still be a last resort for many reasons.
1. While spanking may be an effective behavior modification method, it will not teach your child right from wrong and instill thoughtful behavior.
2. Your child looks to you to model behavior. Spanking shows that violence is acceptable.
I would recommend a combination of natural consequences and what is called positive redirection. Look for signs of misbehavior and anticipate problems before they happen, this allows your child to be successful. Instead of just saying "no" give limited choices such as, "I cannot let you play with that glass because I am afraid you will get hurt. You may hold this plastic cup instead or else find somewhere else to play."
Natural consequences mean consequences that are sensibly related to your child's action. "Because you are screaming at me while I am trying to cook dinner, I cannot have you in the kitchen until you stop".
Good Luck!