Ok, how do you handle a 7-year old drama king?

Take away the video game, then unless it is something major, just ignore his temper tantrums. It will probably take a few weeks... but he will realize you aren't giving him attention for his bad behavior then it will slowly end. Really the only reason he keeps doing it is because you are responding to him when he acts up (even for punishment). Try praising him when he handles himself properly.