C.M.
Have him chase you around the yard! We do this and my kids get very tired FAST but I keep going!!
Kicking a ball back and forth
Throwing a stuffed animal up in the air (really high) - good for your arms.
My almost four year old likes to do jumping jacks, pushups, planks, situps and leg lifts with me.
How much does he weigh? Can you wear him on a walk? Even for 15 minutes, it's like walking with that much in weights strapped to your body!
Otherwise, when he's in the bathtub (with someone else watching), go for a run or do a workout DVD.