Your swype keyboard will be the swype colors. If you're having issues with a themed version of swype, take it up with the themer. So yes, it'll flash and work, but won't be themed.
Well I have LIBERTY ROM, that's why I asked here, its the rom not the theme. Thank you. It was a quick fix I flashed the swype zip and then re done my theme over it. Fixed it. Done, and awesome again.