Is this normal?

This past weekend we have been dealing with a cranky and crabby out of control 3 year old. Olivia has gotten her little behind beaten because of the way she has been acting and has proceeded on hitting and kicking us. We have tried time out…that doesn’t seem to help and we have tried being nice. But you know what I am tired of being the nice one and it’s time I take some action. Last night just drew the line because she decided to take it out on her DVD player that her grandparents bought her last year for Christmas. I feel like no matter what I take away from her she still acts up and is getting out of control. I am almost tempted on taking back everything that we bought her for Christmas because of the attitude and everything to go along with it. Help! I don’t know what else I can do for her.