Time outs for toddlers

I have 16 month old twins who are testing the water. I'm looking for a good way to teach them the waters can be bad.

They are actually pretty good but will do something they know is a no-no and look at me with a devilish grin, I move them away and they run right back to do it again. I've stopped warnings and put them right in the time out chair and all the sudden they get imagination and start climbing it. The playpen turns into a jail house and the other twins comes for visitations so it's fun. When they throw a fit I let the get it all out in a quiet safe spot where I can see without showing them I'm paying attention.

Any seasoned Mom's have a good way to do time outs or other punishments that don't involve spanks? I don't want to use a crib because that's where they sleep and they love the crib and I don't want them to associate it with a bad space.

**Edit** this was NOT supposed to be a debate. I am asking SEASONED MOMS what they did (meaning Mom's who have been through it and found out what worked for them) #1 I don't plan on spanking my 1 y.os and #2 If my kids can understand what comes after me saying ''eat, nap, night night, outside Bye bye, milk and a whole bunch of other words" I'm fairly certain they can understand the word "no" means "no" and if they don't listen there are consequences.