If indeed it's against Google's policy, ad entry would seem to be the best place to put it. I get ads that won't file for grammatical reasons that an English Professor would let slide ;)
For the original poster, as others have suggested, you'd best have a compelling reason for wanting to use an IP address in lieu of a true URL in your display.
IMHO, it will scare away some, intrigue others to simply click to find out what's behind there and would just look plain odd amongst the standard ads.
On the other hand, perhaps you've thought of an innovative, but valid technique that none of us ever considered ;) -- We all want our ads to stand out and be eye catching!
I wonder has the issue of a destination URL that consists of an IP address ever been tried. I was going to enter a 'test' ad like that but I can't get into the UI at the moment....
Good luck, I think you'll need it (though I may eat those words!)
Israel
Could work if it is for a product that has something to do with DNS, etc. In this case, be careful about the rule regarding reference to the display URL line. You can't "continue the message in the display URL". So, you can't say, for example, "What If Internet Users Had To Type Addresses Like This?
No stranger than that ad that consists of nothing but the first four letters of the alphabet!