My 5 yr old is distracted, loud, and never stop making noise?

I have a wonderful little boy who recently started kindergarten. He has always been a bit dreamy, talkative and has a loud voice, but lately he is driving everyone nuts with it. No one can get his attention; he is always off in his own fantasy world which happens to get a play by play out loud...he has started wiggling and kicking his feet alot and even falls off his kitchen chair from it. if you directly get his attention and ask him to be quiet or to do or not so something...he'll look at me and repeat it back..then walk down the hallway and "forget" or continue on with what he was told not to do. i've tried time-outs, time in his room, no tv, even a . i really am at my wits end with this. my hubby and i continue to to try and be consistent and patient. our son is very loving and huggy, loves learning and playing with his freinds.