Hi,
Have you got encrypted passwords set up on both machines and have you added the required smbusers and passwords:?
Swat can be started via inetd or xinetd, inetd's config is /etc/inetd.conf whilst xinetd uses /etc/xinetd.d/swat to control swat, can you check that the swat line isn't commented out in /etc/inetd.conf or diusabled in /etc/xinetd.d/swat.
You might also find it useful to check your samba log files, in RH they are in /var/logs/samba.
Hopefully this will give you somewhere to start troubleshooting.
Andy :