First, select a keyboard that isn't swype
Go to /system/app backup and delete swype.apk (and swype.odex if there is one)
Go to /system/lib backup and delete libSwypecore.so
Go to /data/dalvik-cache backup and delete system@app@swype (or something like that)
The easiest way to backup these files is a long press, then zip it.
Reboot your phone.
After that is done go to Swypes website, sign up for the swype beta, they'll email you an apk link. Install from there, and you should be good.
Also, backing up the files is optional, but recommended.