I don't use the 2006 OS version of virtual memory because it creates a swap file in the fat partition.
I think I'm using wolfram's method.

I created a new 128MB swap partition on the rsmmc card.
Then I edited minircS, minireboot and minishutdown files:

sed -i '/exit/iswapon -a 2>/dev/null' /etc/init.d/minircS

sed -i '/umount/iswapoff -a 2>/dev/null' /etc/init.d/minireboot /etc/init.d/minishutdown

and I added this line to /etc/fstab:
/dev/mmcblk0p3 none swap sw 0 0

Now the swap is on:

Nokia770-22:~# cat /proc/swaps

Filename Type Size Used Priority

/dev/mmcblk0p3 partition 136544 0 -1

Nokia770-22:~#