You always have at least one cue point (the main cue point), which can be re-set anywhere you like. Simply play the track, pause it where you want it (or use the jog to adjust the position), then press CUE and it will set the main cue to that location.
If you are looking to clear a hot cue, simply press and hold the SHIFT button while pressing the hot cue button for the cue you'd like to remove.