I am certainly not a Solaris memory expert, but I think that I see some issues that you may want to look at.
1.) I think that the 5G partition that was allocated for swap that you are seeing when you run the format command is not actually being used. When you ran the swap -l command, you got "No swap devices configured" in return, and when you do a swap -s , it shows only 969M. You may want to check your /etc/vfstab because I think that there may not be an entry for swap in there pointing to your 5G partition.
2.) About the 5G partition: Technically, if you have 2G of RAM, then you should only need a 2G swap partition at most. Unless you have applications, such as compilers, that use lots of space in /tmp, you should not need a 5G swap partition.
3.) Check to see if you have enough physical memory. A quick check is to look at the (po) or page outs section of the vmstat command. I couldn't really make out what was in this column in your post above because the output got "wrapped", but run the command again and check out the po and sr setions. If these numbers are consistanly above zero, then you may need to add more physical memory.
4.) To answer your original question above (after my long winded confusing attempt to help ;-) ), you can add space to your allocated swap by doing the following:
1. make a new emply file
2. add the file to swap
3. update the /etc/vfstab to reflect the addition
Ex. Here is how you would add a 1G file named "/export/moreswap" to swap
1. mkfile 1000m /export/moreswap
2. swap -a /export/moreswap
3. add the a this line to your /etc/vfstab:
/export/moreswap - - swap - no -
I hope this helps!
Jason