Loop over length of string by twos and swap:
def oddswap(st):
s = list(st)
for c in range(0,len(s),2):
t=s[c]
s[c]=s[c+1]
s[c+1]=t
return "".join(s)
giving:
>>> s
'foobar'
>>> oddswap(s)
'ofbora'
and fails on odd-length strings with an IndexError exception.