Yes, ds had a phase of this at about the same age. Poor you, it's horrible when it's happening. It's not uncommon, many many children go through this, it's how you respond to it that matters (but that doesn't help when it's yours of course).
With ds, he had always been, er, feisty, but it really surfaced at pre-school because when he was with me I watched him like a hawk and pre-empted it alot I think. It sounds really similar - he hated being teased and reacted really quickly to every perceived slight.
What worked for us was having a joint plan of action with pre-school - basically a zero-tolerance policy using time out. No warnings, straight to time out. If we were out with friends and he did it I would take him straight home if there was an incident (I did have to back off on the pre-empting it a bit, among pre-warned sympathetic friends only of course). Pre-school worked on the turn-taking etc too, got him playing co-operative games etc with other children. Lots of praise too for good behaviour and playing nicely.
With hindsight, what I did wrong was I got a bit down on ds, was so embarrassed that I over-reacted a bit at first when being calmer and more boring about it would have worked better. IT really helped to talk to the nursery about it and work it through, and it did pass - by the time he left there it was almost entirely history.