For sure... as for the biting, exactly what spixie suggested. Eagle eyes, until the behaviour ceases. If that means that your son (or WHOever the biter happens to be) needs to come with you to the bathroom, then so be it. Better for him to shadow you, than to apologize/explain daily bite marks. It's not at all uncommon for a child who is just gaining vocabulary skills to bite, we just need to send clear and immediate messages that it's NOT okay and will NOT be tolerated.
Taking toys from other kids probably isn't something that calls for a time out, in my house, unless it came with other unacceptable behavior such as pushing, hitting or screaming at the other little person. But again, I would have my eyes glued on that kid and the INSTANT his/her hand reaches out, a stern "NO. We do NOT take from people's hands". Then suggest another toy for the child, and discuss that when So-and-so is done (puts it down and turns attention elsewhere, or begins playing with other things), then it can be their turn. Never to early to begin teaching about taking turns.