Wow. I was spanked as a child. As I got older I lashed out at other kids at school. Be consistent with time out, do not spank, because you are teaching your 5 year old to hit. I made the same mistake with my boy.It is even harder to rectify the damage. What does you child really like? Is there something they would miss if taken away from them? TV etc...
Ps Never punish a child by with holding love. When your child is good ' over do 'the praise as much as possible.