I like the idea of the use of the microphone or the talking stick, however,I would use if with a bit of humor,but not enough to get the student or the class off task again. I just want to be careful not to humiliate anyone in the process. i would also be careful to give others their fair share of the fun, if you will, so particular students don't appear singled out, although it is typically the same student who tend to be disruptive. I think you should get a "sense" of when too much is too much.