God created hell way after He created heaven. If you read the opening verse of the Bible, you will see it says "In the beginning, God created the heavens and the earth." Now, maybe the 'heavens' referred to is just the universe, or the place we call Heaven; but one thing for sure is that hell wasn't mentioned in this verse, so it wasn't created yet. At this time Lucifer was God's right-hand man. When God decided to create (or remodel) the earth, and make man, Lucifer did not like the idea, and along with 1/3 of the angels, rose up in revolt against God. God cast them all out of heaven. This is when God created hell, and hell is where he put Lucifer and the fallen angels.
Whether or not you believe any of this is your choice. I do, and that's my choice. When I made this choice I realized it would be an unpopular choice with many, but still I made it, because that's the kind of guy I am. I did not seek human approval when I decided to believe.
While all that you guys said about the point of hell do make sense according to human wisdom, I don't agree; in fact, I believe it is a very useless endeavor to equate God's motives or thoughts with our own. Of course,this is the faith in me talking and I can offer you no logical reasons for my belief other than to go and read a Bible, which speaks of such things more eloquently than I ever can. As for hell having a point, all I cansay is that if you ever find yourself there, you'll get the point.
