Chloe used to be an "insane" puppy (and still is at times, but we've gotten better at communicating with each other. I know when to let her be insane and when it has gone to far and she'll respect my desicion).
When Chloe would go on her puppy rampages and it would start to get to the point where she was nipping HARD I wouldn't say a word to her or touch her. If she wanted to run by me, I'd step into her way. She'd bark and I'd ignore that too. If she'd nip at me trying to get a rise out of me, I'd ignore her, turn my back, advert my eyes, totally ignore her. Eventually she'd stop and/or lay down. As soon as she did that I'd perk up and say, "Where's your toy? Go get your toy!" and then have a rousing game of fetch/tug. Once she learned basic obedience commands very well, I would ignore her until she had calmed down just a bit and then tell her to sit. She has an automatic sit and she can almost be doing anything and she'll sit as soon as she hears the word. After she'd sat (and I'd broken her concentration) I'd tell her to go get her toy, which she would.
Now her rampages, while still being frequent, are just a barky, happy, silly puppy and not a nippy growly machine. More exercise and more training was also a key factor.
