Oh, boy does that sound familiar! I have a boy who is now 5 who has always been very intense. I have been working with a counselor for over a year now and her advise is helpful, I'll share with you some things she has told me. I also love the book "Raising Your Spirited Child", it's a great resource for solutions to these kinds of situations.
First, he feels what he feels, some kids have very strong emotions - we call it drama but to them it's just what they really are experiencing. Trying to stop them expressing the feeling only makes them push back harder as they feel opposed and misunderstood so they try to make it even clearer for us, lol.
So for a lot of kids, especially these smart, very verbal, emotional kids, validating their feelings and giving them words to describe them, can be helpful. It's mainly about guiding them into a better way of expressing those strong feelings. You can even say, "I see you are having some really strong feelings about_____. It's frustrating when________." Sometimes feeling listened to and understood helps defuse some of the intensity of the emotions. And it avoids us inadvertantly teaching kids to 'stuff' their emotions. So reflective & empathic listening is a big tool to use with our highly emotive guys.
Emotion is big with them, naming it and accepting it lets him get his needs met without him needing to take that emotion and make it GREAT BIG to be noticed. I think that's what they are really saying to us - MOM! My emotional bank is really really big right now, and my account balance is low. NOTICE THIS please!! The problem being, they are not yet old enough to recognize and identify their own emotions and needs and ask for what they need in ways we would like. Role modeling this recognition and asking is super important with our spirited little ones. It's something they need to learn.
Also, our counselor says that the best response for a kid in a highly emotional state is not to express your desire in an emotional way yourself. Do your best to deliver your message in a flat unemotional voice. Because they pretty much always feed off our mood and take it up a level, next thing you know they've frustrated us, our level goes up, so they ramp it up another notch and soon there's a full on argument/tantrum etc. going on.
One thing that helps with my boy is instead of telling him I don't like something (that makes it worse)I flatly state in a boring voice what the rule is. "The rule is, no swan diving off the couch" (he watched a lot of diving in the Olympics, lol). That keeps me from lecturing, which also seems to ramp him up into a higher worse state. So instead of "Stop hitting! How could you be so mean! That is not nice!" or threatening, or whatever, you just say: "the rule is no hitting."
We also went thru a long phase where he did what I called "I want it/I don't want it" exactly as you describe - asking for something and then rejecting it, then throwing a tantrum because I put it away... wanting one food for lunch, changing his mind, then getting upset that he didn't get it... Very frustrating. I started prepping him ahead of time trying to avert the confusion, telling him we were going to choose one thing and not change our mind, that sometimes it's hard because you want two things even though you can't have two things at once. It sometimes helped, sometimes not, but he has outgrown it for the most part.
I don't really think of these as head games, it would be if an adult did it, but I truly believe that it's simply the kids' confused attempt to get a need met, a need they cannot identify and have no clue how to ask about. If we look behind the behavior to the need, I think it's often possible to find ways to meet the need before things get escalated.
One thing that has helped me is to find time to spend with my five year old, just the two of us. Since his sister came along, he's felt really left out but didn't know how to express that and started just getting mad. So now I take him for "juice dates" at the cafe, and I make sure I'm the one to tuck him in and spend a few minutes at night snuggling and whispering.
hth :) I know it's frustrating.