I realize this is an old post, but in the interest of providing a working solution, I present the following.
Just put this formula in an adjacent cell and update the references to point to the cell containing your IP address (A1 in this example). This will produce a result similar to 010.121.008.030, which can then be sorted (correctly) alphabetically. Then set the original column width to zero and voila. Time to enjoy a cup of coffee.
=TEXT(MID(A1,1,FIND(".",A1)),"000")&"."&TEXT(MID(A1,FIND(".",A1)+1,FIND(".",A1,FIND(".",A1)+1)-1-FIND(".",A1)),"000")&"."&TEXT(MID(A1,FIND(".",A1,FIND(".",A1)+1)+1,FIND(".",A1,FIND(".",A1,FIND(".",A1)+1)+1)-1-FIND(".",A1,FIND(".",A1)+1)),"000")&"."&TEXT(MID(A1,FIND(".",A1,FIND(".",A1,FIND(".",A1)+1)+1)+1,LEN(A1)),"000")