M.S.
I agree with the removal of the fun, flippy trash can. (comments below) If, for whatever reason, that's not possible, please keep reading! :)
I agree somewhat with what you're already doing. Removing him from the area is smart, and diverting his attention with another just-as-interesting activity will probably do wonders as well.
If that doesn't work, I'm going to be a 'bad guy' here, and suggest a stern, scary "NO." Not yelling per se, but in that unmistakable mommy voice that means business. (Then, remove and redirect.)
(@ Tina S: I've been known to "thwip" a hand in my day, too!)
Best of luck!