This exact thing happened to me recently, except I bought the yeast from my LHBS. I called the owner and he said to let it warm to pitching temp, and if it didn't swell, he'd be happy to give me a new one.
Well sure enough, as it warmed, it swelled normally as if I smacked it prior to pitching. In addition I pitched and had a very rigorous ferm with a huge krausen in about 12 hours.
As long as it has been kept cool you should not have a problem. The smack pack contains nutrients....and it's not like those nutrients have been lost. In my case, the yeast was still cold and the cells were "sleeping" so to speak. Once the pack warms, they should become active.
Let us know how it works out!