Your son sounds a lot like mine. He is going to be two next week and he does not have any words yet. He used to say a few words when he was a year old, but lost that ability. He also grunts a lot and hums. He's also very happy and loves to laugh and play, and even seeks us out for "chasing" games, but otherwise he likes to run around the house (or down the sidewalk) and plays by himself. He does not know how to play with a toy appropriately, rather, he spins wheels, takes pieces off of the puzzles (without ever putting them back on) and throws blocks around.
He's been evaluated by early childhood development and they have placed him in a toddler autism characteristics group. Their opinion was devastating to me, but I knew deep down that he needed their help. What is most important is not the label (and I know that's tough to get over) but that he get the help he needs.
Whether he's on the spectrum or not, it won't hurt him to get specialized help with speech, communication and eye contact. At his age, it's provided by your state - and paid for by your taxes - so there's no reason not to look into it.
Good luck!
It wouldn't let me add everything that I wanted to say so I'll just add some now...
When he says those random words... he hears it and then says it. It sounds really off when he says it. For example, I said "out" while we were in my room and he repeated, "ow". So, it sounded like he said "out" and he hasn't said it since. And there are only a handful of words that he's even repeated.
Eye contact - it's very limited. He wont make eye contact when upset and he certainly won't let you touch him when he's upset. On the other hand, I am the only one who he will let hold him when he's upset and even then it's for a short time.