Aren't all lights point lights to begin with?
Does it make a difference that it's a 3DWS model? I wouldn't think it would. Although I've exported some models from MilkShape that started as Lightwave LWOs and they had something funky going on with materials or normals or something and they wouldn't react to light no matter what I did.
By default this should be on, but make sure you use
SET OBJECT LIGHT Obj, 1
to make sure it reacts to light. If that doesn't do it, your normals might be flipped.
Hard to say without a screenshot or more information.
