Some tech-savvy engineers over at XDA Developers have released a hacked version of the newest Swype. It was originally only intended for the Nexus S 4G, but this new version supposedly works just phone on other Android devices as long as they are rooted. This new version brings improved capitalization of proper nouns, spruced up the UI, and introduced shortcut gestures, among other things. Above is the demonstration video again. Here's a download link below, and some instructions that might be a bit complicated, so follow them closely:
First up
Swype.apk
Code:
Move Swype.apk to System/App and change the permissions to 644

USER: Read Write
GROUP: Read
OTHER: Read
Second up
libswypecore.3.25.91.30637.so
Code:
Move libswypecore.3.25.91.30637.so to System/Lib and change the permissions to 644

USER: Read Write
GROUP: Read
OTHER: Read
Now back out of your file manager or check to see if the permission changes stuck. It should read rw-r--r-- on both.

Open up Terminal Emulator and enter:

Code:
Su
Sync
Reboot
Download Link - Hacked Version of Swype for Rooted Android Devices
Source: AndroidPolice and XDA-Developers