As the equation* environment doesn't permit line breaks, consider using a multline* environment. And, instead of creating a multi-line surd expression with a \sqrt instruction, I suggest you use (...)^{1/2} notation.
Two additional comments about your code: Do try to use \left and \right less frequently, and don't needlessly encase various terms in curly braces.

\documentclass[11pt,a4paper,twocolumn]{article} \usepackage{amsmath} % for 'multline*' env. \begin{document} ... \hrule % just to illustrate column width \begin{multline*} | \dot{r} | = \bigl\{ - e^{-t} ( \cos t + \sin t )^{2} \\ + e^{-t} ( \cos t + \sin t )^{2} + (-e^{-t})^{2} \bigr\}^{1/2} \end{multline*} \end{document}
alignedenvironment and, the symbol&and\\. Have a look herealignat*frommathtools(oramsmath) package?breqn?