Quick Thoughts:
Considering two equal masses and a small test mass midway between these, then yes, there will be a point of unstable-equlibrium. In a real situation, any minor deviation from this point would cause the test mass to move to the nearest large mass.
There will be a plane between the two large masses whereby theoretically the test mass could make an orbit in this plane at right angles to the axis joining the two large masses. I.e It would orbit around 'nothing'. It would be unstable and would work mathematically. In reality any minor disturbance would make the test mass move to either of the large masses.
This orbit can be imagined as if you put the test mass midway between the two large masses and to one side of the central axis, it wolud experience a resultant restoring force directed towards the mid-point. Hence , given a push tangentially, it should orbit in this plane.
For two unequal large masses, there would be an unstable equilibrium point between them that is nearer to the smaller mass, but off-hand I don't think the test mass could make an orbit as above as there would be no plane at right angles in this situation.
For more than two large masses, then there can still be one equilirium point for the test mass. As long as one of the masses is physically so large as to make the equilibrium point inside the large mass or indeed the arrangement makes it so the equilibrium point is inside any particular large mass.