Yes, when you open the MMC door with active swap it tries to turn off the swap silently if there is enough free memory and warns you with dialog if it was not possible. It offers you to kill running apps and retry and warns you that you really shouldn't remove the card if you dont want to kill them.

This is possible in 2006 since they changed MMC driver so the card is readable even when door is open. Good for normal sized cards too. In older system opening the door disabled mmc slot completely.