I don't know which version of sbt you're using, or what project setup you have used, but normally your hw.scala file should be placed in src/main/scala directory for sbt to find it. Also, as synesso remarked, the scala runtime seems to be absent. Normally sbt will just download these when creating a new project.
I just tried it using sbt 0.7.3 in a fres project, and this works:
$ sbt
Project does not exist, create new project? (y/N/s) y
Name: test
Organization: test
Version [1.0]:
Scala version [2.7.7]:
sbt version [0.7.3]:
Getting Scala 2.7.7 ...
:: retrieving :: org.scala-tools.sbt#boot-scala
confs: [default]
2 artifacts copied, 0 already retrieved (9911kB/26ms)
Getting org.scala-tools.sbt sbt_2.7.7 0.7.3 ...
:: retrieving :: org.scala-tools.sbt#boot-app
confs: [default]
15 artifacts copied, 0 already retrieved (4023kB/25ms)
[success] Successfully initialized directory structure.
[info] Building project test 1.0 against Scala 2.7.7
[info] using sbt.DefaultProject with sbt 0.7.3 and Scala 2.7.7
> exit
$echo 'object Hi { def main(args: Array[String]) { println("Hi!") } }' > src/main/scala/hw.scala
> sbt
[info] Building project test 1.0 against Scala 2.7.7
[info] using sbt.DefaultProject with sbt 0.7.3 and Scala 2.7.7
> run
Hi!
> package
[info]
[info] == compile ==
[info] Source analysis: 0 new/modified, 0 indirectly invalidated, 0 removed.
[info] Compiling main sources...
[info] Nothing to compile.
[info] Post-analysis: 2 classes.
[info] == compile ==
[info]
[info] == package ==
[info] == package ==
[success] Successful.