What is he doing that he needs such harsh punishment? If it is hitting, hold his hands down and say "we don't hit, it isn't nice" then give him a hug and say "this is so much nicer, don't you think?" If it is messing, have him help you clean it up. Children at that age do not know how to commuicate very well and need the words put out for them. "You are mad because you can't have a cookie" then explain why he can't have one "It is almost dinner time and you need to eat dinner before any sweets"
Your son wants your attention and it is a game to get it so give him more attention when he is doing things right and when you do time out use a rug instead of a chair and don't make any eye contact with him while he is in it. He doesn't have to be there long.. just 2 and half minutes. Use a digital timer so he will have something to watch for his time to be up.
Most of all.. the most important thing you need is consistancy. If he gets a cookie to stop a fit once, he will do it next time and the next time. If he gets his way by giggling when he is being corrected or gets you laughing too.. he will do that each time.
He is getting clingy to you because he is learning to distrust his world, it is normal and with the punishments you listed doesn't make it a safe place for him since he doesn't know what is going to happen, not in his eyes anyway. It is ok if he laughs at his punishment... it is a teaching tool not a way to destroy a child. I remember when my youngest child was about 6 and I swatted his bottom for something. One swat, not that hard and he said "That didn't hurt" I looked at him and said "Did you know you got a spanking?" "He said "yes" I said "Well I could give you one to make it hurt, but you know you did wrong and you got spanked, isn't that enough?" He said "Yes" then he realized it didn't have to hurt to let him know he was in trouble and went to his room bawling because he was in trouble which he hated.