Calm down before she gets home from school. How old is she?
Before you start reprimanding her, and BEFORE you let her know the teacher called......listen to what she has to say about PE. Give her a chance to come clean and communicate with you.
Then, let her know the teacher called. Let her know you are disappointed in her behavior. If you are communicating with her clearly and in a calm tone, not yelling, not abrasive.
Depending on how she reacts, I might ground her a day or so or take away the phone or some privilige she adores.........but not for a lengthy amount of time.
Then let her know you will be in contact with her teacher to see how she is progressing. At this point, I would reward good reports from the teacher.
We never spanked and would never do that. The thing that got to our daughter most was losing something she loved for about 24-48 hours... Chi iron, I phone, Ipod, computer, etc.
I like the ideas of having her do her PE at home or up at the school.