Well, why was he acting up all day? I would try to figure that out before determining a course of action. Taking away his Christmas presents wouldn't be the solution I'd go with regardless (unless what he was doing what directly related to his presents, like if he were hurting someone with one) but the first thing I would try to figure out would be, why is he acting up? Is he hungry? Is he worn out or overstimulated (and Christmas day is ripe with opportunities to be overstimulated - there are a million new toys to play with and probably lots of people over and the schedule that they're used to is thrown off for a couple of days while the holiday festivities are going on). Has he had too much sugar? Has he had too much time in front of a screen (as we notice that too much time on the TV or computer makes the kids act out or get mean with one another)? I would try to remedy that and then go from there.
As far as cussing goes... I don't know. I know this probably won't be a popular answer but I wouldn't focus on the cuss word. It's just a word, and while I think it's important to teach children how to use their words properly and express themselves respectfully, freaking out over a cuss word just gives the word power. If a kid knows I'm going to lose it over a certain word and that kid is mad at me, they'll probably use that word. So first of all, I wouldn't give the word itself any extra attention.
What I would pay attention to is the fact that he spoke disrespectfully and rudely. "That is not an acceptable way to speak to me. You may say, 'I'm angry that you took my toys'. Try again." If it continued or escalated, "You may not speak to me that way. You are allowed to be angry, but you may not be rude and hurtful. I am going to put you in your room/go into the other room/otherwise separate myself from you until you are calm as you are too angry to make good decisions about your words right now." And follow through, even if it means walking him back to his room 3 or 4 times. Once he has calmed down, I would reiterate that feelings are okay, but the appropriate way to deal with them would be to say _______ or go do ________. It is not appropriate to speak to Mommy rudely, and you will need to make amends for being hurtful."
For me, teaching children to make good decisions and teaching them how to handle their emotions and disappointments in an appropriate way should be the goal at all times. It means not only telling a kid what NOT to do, but what TO do, and offering an opportunity for them to make a better choice (because it IS a learning curve for a developing child

). The repercussion would be that I wouldn't want to be around him because he was speaking disrespectfully and rudely, because that's what happens in the real world - if you treat people poorly, they don't want to hang out with you. You need to make amends for treating people badly.