You can resize it like any filesystem, but first you'll have to unmount it, by using the swapoff command. After that its just a partition. Your best bet would be to use Gparted, its just a frontend to parted, but it has a lot of many other options too, including integrated swapoff.
Plus, you could also try Dynamic swap instead of a swap partition, try the packages: *swapd, swapspace.* -- LUG@IITD - http://lug-iitd.org/Footer
