The first thing that comes to mind is I don't think this dog is getting enough exercise if he's getting hyper. Unless you just have a hyper dog, but that just means he'll need even more exercise. Now if you have a puppy, you definitely don't want to overdo it. Maybe 30 minutes a day would be good, 2 walks a day of 15 minutes. Even that might not be enough. A good majority of a puppy's exercise regime should come from play. So grab some toys, maybe a ball and play play play with that puppy. Adult dogs could do well with at least 30-45 minutes of walks a day. With enough exercise, this should help greatly with the hyper behavior and why he's doing the biting. Basically to get your attention, play, and get out that extra energy.
Now with the play biting, there's a few options. The easiest is if you ever feel teeth on your skin, even if he accidentally gets you during play, yelp in a high pitch, take the toy and walk away. Show him that if he's going to bite, you're not going to play. And you're taking your toys with you. This will send a very clear message to your dog. However, you must do this every single time. You must be consistent. He'll figure it out a lot faster if you are. This was the method I used for my dog when he was a pup and he generally got the message after a few times.
Another I've heard was that people would go out, buy that bitter yuck spray and put it on their arms. Basically, if the dog goes up to them and tries to bite, he gets a yucky taste in their mouth. Not so sure how well that one works but just an idea I've heard.
If you're going to go with the method that some of the other people have suggested (taking the dog by the snout) be careful that he doesn't catch on and turns it into a game. For example: he bites you, you reach out to grab him, he dodges and does it again. Remember that he's trying to get your attention and trying to get you to play with him. If you want to go this route, I would suggest leashing the dog up and letting him drag it around the house for a few days. This way, if he does dodge you and tries to run, you can grab the leash and stop him.
Either way, I'm fairly certain a huge chunk of it has to do with the fact he's not getting enough exercise. Give him a good walk, teach him how to fetch. Get him moving.
Hope this helps. Best of luck!