I think "time-outs" can be related. I see these as taking breathers, stopping intense conflict, allowing time to reflect and start over. Taking a time-out is not a punishment & doesn't mean that a kid has to remove him/herself and sit in a special chair, it's a momentary suspension of time.
If there is conflict:
Usually I try to talk things through w/ my kid, and identify feelings. I use a lot of reflection: "I can see that you're feeling frustrated right now", or "it must be frustrating to feel like you want X, but I'm saying no", or "I can tell that you feel very angry". I also identify my own feelings. I think it's important to give kids the words for how they are feeling, especially through the 3's and 4's, for eventually they will learn to present these feelings (instead of tantrums) when they are indeed feeling frustrated or angry. It's a necessary skill in conflict resolution. And then, "how can we solve this problem?" Sometimes we come to a compromise of sorts, but other times he has to work around the rule I've created (since I'm the grown-up).
If he has violated a rule:
We usually just take that thing away, if a thing is involved, or prohibit the activity for a while. I do state that I feel disappointed that he made that choice (whatever the choice is), and that it's a matter of trust. But I don't lay on the shame, withhold love, or add on extra punishments.
If he tantrums, screams, hits:
I tell him (usually a few times), "this is not appropriate behavior". I may say something like, "I'm going to go into the kitchen for a while and work on dinner until we can discuss this. Just let me know when you're done with this tantrum (or done screaming, whatever)". This stops the behavior almost immediately, for it doesn't feed into it or give him any power.
Unless his behavior is harmful to himself or another person, I try to stay very gentle, understand that he's only a little kid & learning all the time, and give him the benefit of the doubt. I may just say, "You broke a rule and I'm curious why you did that", and it opens up communication & allows me to see into his thinking processes -- sometimes he innocently/unintentionally has done something. If he admits it was intentional or he doesn't know why he did it, I'll just simply state, "well, that behavior is not OK and I don't want you to do it anymore". And we move on.