You can use Revit LT to open a Revit project that contains point clouds. In Revit LT, you can hide a point cloud in a view. (Right-click the point cloud and select a Hide in View option.) However, you cannot modify the point clouds.
If Revit LT is unable to locate a point cloud file, use the Unresolved References dialog to determine the required file location. When you place the point cloud file in that location, the point cloud displays correctly.