I would imagine repeated clicks from the Same ip would be flagged?
Possibly. Keep in mind that IPs can change dynamically, so a repeated click from the same IP may not be from the same person. The likelihood of repeated clicks to the same (low traffic site) ad links from different users over a few minutes is (probably) very small, which (ideally) makes it a candidate for click fraud.
However, also keep in mind that a competitor may be using different IPs to attack you.