I would definitely read this as him wanting attention and/or something you have that he wants. The frustration builds up and that gets him talking. (my boy is the same way if he is impatient with me about something he wants, usually food, but he only vocalizes, he doesn't nip.)
When he does this, I would ask him for a specific behaviour (sit, down, something he knows how to do), and if he complies I would then pay attention to him, either play or patting or perhaps food if appropriate. If he tries nipping, (either you or the couch!) you need to remind him that that is not acceptable behaviour. Time outs are a good option, especially if corrections get him excited. But the bottom line is he wants more attention from you, and he gets his reward because his behaviour results in a response from you. I think I would try observing him closely and heading this off before it starts, probably by asking him to do something for me before he starts vocalizing and nipping. Keep him busy for awhile and he may decide he'd rather relax than bug you.