1-Draw a polyline and click on finish.
2-Now Select "Revolve" tool click on polyline to create revolve.
3-Revolve isn't created.
4-Again draw a polyline right click and click on "Close".
5-Apply revolve tool on it this time revolve is created.
6-Revolve works fine for "Closed polyline".

It works if polyline is open. Just ACIS modeler cannot create and treat self-intersection object. You can try to create such object if revolve axis has intersection with selected polyline