Are you referring to the Samsung preinstalled swype or the original swype that you would have to have installed yourself?
If it's original swype, goto your home screen, from there;
Press options button (bottom left next to home button)
Press Settings
Scroll down to language & input
Tap the gear icon next to swype
Tap preferences
Scroll to bottom and you have "reset swype dictionary"
If samsung version;
As above but tap the gear icon next to "Samsung keyboard"
Then scroll to bottom and tap " reset settings" Or possibly more accurately;
In samsung keyboard settings;
Tap on predictive text (not the slider, to the left of)
Then scroll to bottom for "my word list" & "auto substitution list"
Hope this helps