Converting from Freelance to PowerPoint
If you have PowerPoint 2002 or earlier, you may be able to open PRE files from Windows Freelance 1 through 2.1 directly. Use File, Open and see if PRE is listed among the available file types.
If there's no PRE option, run Office SETUP, choose Add or Remove Office Components (or words to that effect -- it varies by version). Locate the Freelance converter (it's under the PowerPoint item in 2000 and 2002) and put a checkmark next to it. Don't change any of the other checkmarks. Complete the install, reboot if needed (probably not) and now PowerPoint should be able to open Freelance PRE files.
The converter isn't available for PowerPoint 2003, and it doesn't allow you to open .PRZ files from later versions of Freelance.
If you have a PRZ, opening it in Freelance and saving it back to PRE format won't work either. That will allow you to open only the first slide of the presentation.
The best bet is to install a copy of Lotus SmartSuite 9.6 or later. You can often find them for less than 25 bucks at places like DirectDeals.com.
Open the Freelance file in Freelance and save as PowerPoint.
Not perfect, but it's about the best automatic translation you'll find. See Converting Presentations for a more comprehensive method of converting presentations from one program to another.
You can also use the free Lotus Freelance Mobile Screen Show Player to play native Freelance files without converting them to PowerPoint.