from the FAQ section of their website:
If I am unable to use my Award within 12 months, is it possible to have my Award reissued?
Yes, an Award may be reissued for a $50 fee. We will only consider reissuing Awards that have been expired less than 24 months. Members can request an Award reissue and pay for the fee(s) by credit card:
online through the MySouthwest® section of southwest.com
through our toll-free Rapid Rewards number, 1-800-445-5764
at any Southwest Airlines Ticket Counter
Awards that are reissued through these channels will be processed immediately. So once the request is processed, the new Award will be available for use. All reissued Standard Awards will be reissued as Standard Awards, and Freedom Awards will be reissued as Freedom Awards. Reissued Awards will be valid for 12 months from the date of reissue. Only requests from the original Member who earned the Award will be considered. Credit cards are the only form of payment that will be accepted for Award reissues. Cash, checks, money orders, Ticketless Travel Funds, Southwest LUV Vouchers, and southwestgiftcard® will not be accepted.
from Rapid Reward section:
How to give your Rapid Rewards Ticketless Award to friends or family
Awards are completely transferrable, which is a program benefit that allows you to give your travel benefits to friends or family members. Simply find out the destination, travel dates, and times from your lucky recipient. Then follow the instructions to book the travel at southwest.com or call Reservations. Here are a few more things you should know:
You - not the person using your Award - will need to book the flight by visiting MySouthwest® at southwest.com or calling Reservations and specifying that you are making a reservation with a Standard or Freedom Award, whichever applies.
At the time of reservation, the government-imposed September 11th Security Fee of up to $10 per roundtrip must be paid by credit card.
After you book the flight, give the confirmation number and itinerary you receive to the person who will be using your Award.
The person using your Award may change the destination, date, or time of travel at no charge prior to flight. If the name on the reservation changes, the itinerary will have to be cancelled, and the Award will automatically be returned to your account. You will then have to rebook the trip.
For account security reasons, we recommend that you never give out your password or other information about your Rapid Rewards account.