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The switcheroo tool only works on a function with exactly two inputs, and both inputs must already be wired. If you are still having issues, please attach a screenshot of the offending code (or attach a VI showing the trouble you're having) and I'll take a look.
It works for me in both 7.1 and 8.0.1. Are you trying to swap wires or swap wired terminals? In other words, are you ctrl-clicking on the wires or on the left side of the division node. You need to be on the left side of the division terminal. Basically, anywhere the blinking black terminal is shown.