I've heard mothers say about their misbehaving children, "I'm going to fix his (or her) little red wagon," although sometimes they'll use "paint" instead of "fix"--however, the meaning remains pretty much the same.
Where I now reside in the Lone Star State, and across the American South in general, a mother saying to her child, "I'm going to wear you out," that generally means that a good switching or strapping is imminent.
Of course, in rural areas the expression "taking a trip to the woodshed" or "being marched out to the woodshed" still was understood clearly by children when I was growing up--even if there wasn't an actual woodshed available...

--C.K.