I can change the swype-interpreting language, but the keyboard doesn't show me any special symbols.
HTC Incredible with Swype 18.104.22.16812.t100 (have not updated to Dec beta, yet).
I just want to swipe "Blue Öyster Cult" -- is that so wrong?
Press and hold the 'o' key. At first you'll get a pop-up showing the left parenthesis. Hold it longer and you'll get another popup showing accents for the character.