No, the sort is extremely complex.
You want to find the individual substrings of the IP address, and then sort them numerically by substring.
ORDER BY
SUBSTRING_INDEX( ip , '.',1 )1 ,
SUBSTRING_INDEX( SUBSTRING_INDEX( ip , '.',2 ) , '.',-1 ) 1,
SUBSTRING_INDEX( SUBSTRING_INDEX( ip , '.',3) , '.',-1 ) 1,
SUBSTRING_INDEX( SUBSTRING_INDEX( ip , '.',4 ) , '.',-1 ) 1