Yeap you could write a MEL script that would read your text file and save the vertex XYZ coordinates into an array of vector variables. Then it would create a particle system with the same number of particles as the vertices of your point cloud and use the XYZ coordinates to input the world positions of the particle objects (an expression in per particle attributes). Shouldn't be very tricky to do.
As for the generating a polygonal mesh out of that point cloud, well thats the tricky part, and I think you might wanna do some research/reading on such algorithms.
Is your point cloud the result of a laser scanning process?