Oh I have to strongly disagree with you.... You see, the really interesting question is "why are they out of control?" and "is this the child's fault?". And to echo Chrissi, why in the hell is it OK to hit your child, when it's so NOT ok to hit your wife or husband or just anybody on the street?
I vote "No, absolutely NOT!". There are too many parents who take their lifelong frustrations out on their children and so many children are actually being molested by their parents and the line between spanking and abuse is so fine. I would say keep your hands off your child and find a different way to discipline him/her and start finding out why your child is out of control and what your part is in that.
I think spanking is putting the blame of the child's behavior entirely with the child, when the parent is to blame as well. This sets a bad example and burdens the child with feelings of guilt that are destructive for him/her.
I got a few spankings when I was little growing up and I don't feel like I'm warped because of it. No one yelled at me, and I never had bruises or anything---really--it didn't hurt. haha But I had people who loved me and looked out constantly for my well-being. I was definitely never abused. I was talked to a lot. 
So many kids today get no attention from their parents unless the parents are screaming/cussing at them or hitting them. That is heartbreaking---giving your children a good raising has to be top priority--that doesn't mean giving them everything they want, but giving them everything they need.
Discipline means "teaching" -- what is the best way to teach your child? If you love the child, you won't administer physical or emotional harm. If you need to spat their bottoms, send them to their room, have a sit-down discussion, etc---you should know your child well enough to know what works and what doesn't. Whatever you do, the child should be aware that there are consequences to bad choices on their part, but you have the responsibility to guide them in making wise choices. And that guidance should start at an early age.
I think both Melissa and Shasta make excellent points. And for the most part I agree with them.
I still feel it should be a right for a parent to swat their children. But it should be a right that is rarely, if ever exercised. In this part of the country people still do swat their children occassionally. But if done in public, these parents are met with very nasty stares from others around them. Times have changed since I was a kid, thank God.
I also fully agree that the behavior of children is the responsibility of the parents. If the child is raised badly, with questionable values, he or she will exhibit a bad behavior. Plain and simple. And it's the parent's fault.
I'll never forget when I was living in Evansville, I was friends with a woman raising her grandson. The boy's name was Stephen. Stephen's parents more or less abandoned him when he was younger. He was an out of control child. One day when I was riding in the car with my friend, and Stephen began kicking the back of the driver's seat with his foot. My friend (I'm leaving out her name for privacy reasons) asked him to stop it several time, but he continued to do so. Finally she pulled the car over to the side of the road, turned around and raised her hand to him. She didn't plan on hitting him, but she did raise her hand. Stephen immediately said "If you hit me, I'll call that child abuse number when we get back to the house and have you arrested!" My friend asked Stephen where he planned on living after she was in jail and he answered "I'll move in with David!" I thought to myself "Oh, the HELL you will!" There was NO WAY that ill behaved, out of control 12 year old would EVER live with me! But you see, kids these days are now smart to the idea that if they are disciplined in any manner they find objectionable, they can pick up a phone and call a number. And they sometimes use this as leverage against the parent. I've seen it firsthand!
So what happens how? Somehow things in this country have swung a full 180 and instead of parents controlling their children, the children are controlling the parents with threats!
