First, look for reasons for this behaviour. Is something happening to her at school? Is she being bullied? Does she like her teacher? Sit her down for a good talk about these issues. Ask her why she is behaving like this.
Assure her she will not get into trouble, no matter what she tells you. Explain that you love her, but you do not like her when she behaves this way so you want to do whatever you can to help her.
Talk to her teacher & find out how she is behaving at school. What is her work like? Does she concentrate? Does she get along with other children? Ask her teacher to keep an extra eye on her to help you figure out what is going on.
If her work isn't up to where it should be, if she's not concentrating, you may need to have her assessed for ADHD. Even if she doesn't have ADHD, there may be another medical cause for this. Take her to a paediatrician for assessment. Sometimes schools can have an assessment done there to take to the paediatrician.
My son has had problems with his behaviour (though not as excessive as your little girl) & I found the best way to encourage good behaviour is to use what he loves the most, which is PS2. When he shows good behaviour he gets to play it, but if he does something wrong, his punishment is no PS2. Whatever your daughter loves the most, use that as reward & punishment.
Star charts are always good ways of encouraging children in anything. Use stars for whatever you think appropriate, eg if she cleans her room, if she's good at school, if she does as she's asked without a tantrum, if she's nice to her sister, etc. When she gets to a certain number of stars (whatever you decide, whether it's 10 stars, 20, etc) she gets a reward. The reward can be a treat such as chocolate, go to the park, go to movies, pick a DVD to watch, take-away for dinner, anything you think she might like.
Good luck!