I did it by disabling the install, re-enabling the install, than hitting the generate license key from within the installer.
If all else fails try uninstalling Swype from the app manager and reinstalling from the installer, but make sure that third button appears and you hit it.
The Swype website forum also mentions these procedures. I had the same issues when I rebooted my phone and Swype wasn't working after the initial install but now all is well.