Use several swap partitions or swap files. Linux kernels before version 2.2 supported up to 16 swap areas, each of up to 128Mb. Recent versions do not have this limitation.
Very old kernels only supported swap partition sizes up to 16Mb.
Linux on machines with 8KB paging, like Alpha and Sparc64, support a swap partition up to 512MB. The 128MB limitation comes from PAGE_SIZE*BITSPERBYTE on machines with 4KB paging, but is 512KB on machines with 8KB paging. The limit is due to the use of a single page allocation map.
The file mm/swapfile.c has all of the gory details.
[Peter Moulder, Gordon Weast]