I went back and read some of the other things you posted about your son. It sounds like he has a fun-loving personality with an adventurous touch. I don't think he needs to be punished. But I do see how his antics could be dangerous. I think redirecting him would be a good idea. Something creative. Get some science experiment books, magic books, game books. Or get him a movie camera. He could get a lot out of iCarly that he would enjoy, about doing silly things on a camera. The things they do are hardly dangerous or mean spirited.
Your child sounds well adjusted and hilarious. I am curious, how do you handle the school calls and meetings? Are you getting to the point where you role your eyes and/or laugh when they call you? What are their suggestions?