If you want entertainment on a Wednesday night, and want it from your television, there seem to be only two options this summer: Settle for "Models Inc." on Fox, or get cable. However, President Clinton is pre-empting a lot of network and cable programs with a press conference, which will begin at 8 p.m. The speech is expected to run 30 to 60 minutes.
* "Models Inc" (9-10 p.m., WBFF, Channel 45) -- On last week's episode, David (Brian Gaskill) got shot like any number of "Dallas" characters: sprawled on the floor, victimized by an unseen assailant. Also, Hillary (Linda Gray) got sent to jail, suspected of murder -- which, come to think of it, happened to Ms. Gray's Sue Ellen on "Dallas," too. In tonight's episode, Julie (Kylie Travis) makes her move to take charge at the agency, while Teri (Stephanie Romanov), who died in the premiere episode, makes a return appearance. Fox.
* "Indochine" (8-10:35 p.m., Cinemax) -- This French film won an Oscar as Best Foreign Film in 1992, and although the re-creations of Vietnam under French colonial rule are utterly convincing and breathtaking, so, too, is Catherine Deneuve in the leading role as the head of a local rubber plantation. This film gets started so quickly, and establishes so many unusual and deep characters, that it weaves a spell cast by too few movies these days -- foreign or domestic.
* "Larry King Live" (9-10 p.m., CNN) -- It's worth pointing out that the guest host for "Larry King Live" this week is KABC talk-show host Michael Jackson, a respected radio veteran whose approach to his subjects and guests is the polar opposite of Mr. King's: Mr. Jackson not only believes in the value of research, but he makes an effort to be familiar with the guest's latest project. The difference in styles is startling.
* "Dream On" (10-10:30 p.m., HBO) -- Guest star Harley Jane Kozak is a blind date introduced to Martin (Brian Benben) by his ex-wife Judith (Wendie Malick). The woman's "flaw," in Martin's eyes, is that she's too intelligent. The episode title says it all: "I'm With Stupid."
* "The Larry Sanders Show" (10:30-11 p.m., HBO) -- Tonight's first-run episode has Larry (Garry Shandling) beginning an office affair with Hank's secretary, Darlene (Linda Doucett) -- quite a funny idea, since Mr. Shandling and Ms. Doucett are involved in real life.
* "Politically Incorrect" (11:30 p.m.-midnight, Comedy Central) -- Boy, does tonight's guest list live up to the show's title, and promise an interesting interaction between guests. Merrill Markoe, currently on view on NBC's "TV Nation," is one guest; Andrew Dice Clay is another.