We study spin dynamics for two electrons confined to a double quantum dot under the influence of an oscillating exchange interaction. This leads to driven Rabi oscillations between the parallel to up arrow down arrow > state and the parallel to down arrow up arrow > state of the two-electron system. The width of the Rabi resonance is proportional to the amplitude of the oscillating exchange. A measurement of the Rabi resonance allows one to narrow the distribution of nuclear spin states and thereby to prolong the spin decoherence time. Further, we study decoherence of the two-electron states due to the hyperfine interaction and give requirements on the parameters of the system in order to initialize in the parallel to up arrow down arrow > state and to perform a root SWAP operation with unit fidelity.