Yep, it's a tough one when they won't sleep at night. Not sure if my son slept through the night consistently before he was 3 or 4 at least. Every kid is different. We did the warm bath, reading books, snuggling, "5 more minutes, Mom!" and then Raffi music. I'd sit down and 20 minutes later he'd be calling me to turn his tape over (he's 17 now, lol).
Then he went through a stage where he wanted to sleep with me, but that turned into jumping on the bed and talking. Or he'd wake up at 11 at night, just when I was going to bed to get up at 6:00 a.m. for work the next day.
My daughter's little girl was really bad for a while. She's 4 now. My daughter got her into preschool and then gymnastics, because she wasn't getting enough physical exercise during the day. They sure do have a lot of energy! I guess anybody could use a good dose of exercise and then a warm bath after supper.
If he won't nap, wear him out! Then feed him some carbs and light protein (i.e. mac n cheese or something similar). Give him a warm bath and story time. Keep at it, they eventually do go to sleep on their own. Just when he gets through this phase, and you sigh with relief, it'll be something else -- yesterday my granddaughter got a hold of a blue Sharpie pen and drew all over my daughter's walls, a TV screen, her toys, and herself, all in less than 5 minutes! My daughter was frantic but rescued everything except her walls, which will have to be repainted.
My son had a nightmare once about a light falling off his wall, where there was no light! But he was still afraid of it. Does your son have a favorite cuddly toy to keep him company? Is there something in the room that frightens him besides the bug issue? What if you re-arranged it so he felt safer? How about a tent canopy?
Kids never behave like little adults and it's hard when you're not getting enough sleep. Just keep taking turns with dad every other night and be calm. Keep your sense of humor. "Ha-ha, time for bed, Mister!" I wouldn't bother with the bribes or cajoling, if he can't sleep, he can't sleep. If nothing else, join a parenting group and you'll find that it's a lot more common that you thought. My niece used to get nightmares if she drank chocolate milk, I don't think my sister slept till she started school!
Good luck and hang in there!