If a kid is getting on everybody's nerves because he doesn't know the difference between good and bad attention, the best course of action is to completely ignore him.
Kids respect you more if you're aloof, so it's best not to smile around them, or laugh.
It's important that praise mean something, so it's best to use it sparingly. (Ecumenical note: Baptists often use the same logic for Holy Communion.)
Believe it or not, kids actually do a pretty good job of policing themselves. Allowing the bigger kids to lock the irritating little ones in closets is a really effective way of calming everybody down.