Callahan,
They won't take applications that far out, have to be within a year which would be this fall. That said, desginators open and close often, so it might be just a a couple months before it opens again, might not. As far as getting picked now, they are not even looking at SWO applicants in the April board(or any boards until next fall supposedly) so applying with SWO is not really an option. Your OR might have you put it on just in case they change the status between your submission and the board, however, the way it looks right now with such a sudden closure, it is not likely to change to suddenly.
Also it should be noted that SWO is in a different situation than the other desginators that are closed. FY11 is all, if not 100% closed, because you have to go OCS in by July in order to be in FY11. That means most desginators have already been choosing for FY12. SWO has been called to a halt until next September/fall because projected ROTC/ACAD grads will be filling all the SWO spots for FY12. The rest should have at least a few spots open, and all should start selecting for FY13 next fall.
As another side note, NFO "closed" for about 3 months last year and then reopened and had more spots available than many of the others. It all depends on how close the estimates are to the real numbers, of which we have little way to tell.
Sorry if that just makes things more confusing. But essentially, if your OR lets you put down SWO then go ahead but be aware it's not likely at the moment. If he/she doesn't than realize it is likely for a good cause at the moment. Same may or may not hold true for other desginators.