FilterPoint is a web part for Microsoft SharePoint that allows users to filter lists, libraries, and other web parts. It works with any web part that supports connections and allows applying multiple filters from one FilterPoint web part. Setting up FilterPoint involves installing it on the SharePoint server, adding it to pages containing items to filter, and connecting it to lists and libraries. Configuring filters for FilterPoint involves clicking "New" to add a filter, naming it, choosing a filter style, and selecting a filter value.