I grew up with a mix of spanking, 'time out' as they call it now, and grounding/go to your room. Those are the same systems my brothers used/uses on their kids. The girls grew up great, the boys are still all under age 10, but they are well behaved.
One trick my younger brother uses works very well. If they are doing something wrong, tell them no. If they do it again, warn them that you're going to count to 3, then it's a spanking. If mom or dad says 'three', the boy's getting paddled, no matter how much they apologise, because they were warned once.
You've never seen a kid stop doing something as fast as my nephews when they hear mom or dad start saying "ONE...."
Of course, this can lead to abuse of the system, as one tried to dodge punishment by stopping at 2. After the second count of 'one...two', he went back to whatever he was doing wrong yet again. That time Dad's count started at "TWO" and he got paddled.
But be consistant. If I had been out running the hills and hollers and ignored/didn't hear mom calling me, I was grounded to the yard the next day.
Although please don't throw something at your kid when they're reading. They may not be ignoring you, but honestly and totally absorbed by the novel. Mom never believed me when I told her I'd not heard her.. but I hadn't.

Nitram, slightly high on cough syrup: Do you know you're beautiful?
Me: Nope, that's why I have you around to tell me.
Nitram: You -are- beautiful. Anyone tries to tell you otherwise kill them.
"A life is like a garden. Perfect moments can be had, but not preserved, except in memory. LLAP" -- Leonard Nimoy, last Tweet