What is an IP address?

 IP  Stands For:
IP" stands for = 
      "Internet Protocol"

I   =  Internet,
P  =  Protocol,
 Definition of IP 
Also known as an "IP number" or simply an "IP," this is a code made up of numbers separated by three dots that identifies a particular computer on the Internet. Every computer, whether it be a Web server or the computer you're using right now, requires an IP address to connect to the Internet. IP addresses consist of four sets of numbers from 0 to 255, separated by three dots. For example "66.72.98.236" or "216.239.115.148". Your Internet Service Provider (ISP), will assign you either a static IP address (which is always the same) or a dynamic IP address, (which changes everytime you log on). ISPs typically assign dial-up users a dynamic IP address each time they sign on because it reduces the number of IP addresses they must register. However, if you connect to the Internet through a network or broadband connection, it is more likely that you have a static IP address.

Information about IP  ADDRESS
 Number that uniquely identifies each computer on the Internet. A computer's IP address may be permanently assigned or supplied each time that it connects to the Internet by an Internet service provider. In order to accommodate the extraordinary growth in the number of devices connected to the Internet, a 32-bit protocol standard, known as IPv4, began to be replaced by a 128-bit protocol, IPv6, in 2000. See also TCP/IP; domain name; URL.

Every device connected to the public Internet is assigned a unique number known as an Internet Protocol (IP) address. IP addresses consist of four numbers separated by periods (also called a 'dotted-quad') and look something like 127.0.0.1.
Since these numbers are usually assigned to internet service providers within region-based blocks, an IP address can often be used to identify the region or country from which a computer is connecting to the Internet. An IP address can sometimes be used to show the user's general location.
Because the numbers may be tedious to deal with, an IP address may also be assigned to a Host name, which is sometimes easier to remember. Hostnames may be looked up to find IP addresses, and vice-versa. At one time ISPs issued one IP address to each user. These are called static IP addresses. Because there is a limited number of IP addresses and with increased usage of the internet ISPs now issue IP addresses in a dynamic fashion out of a pool of IP addresses (Using DHCP). These are referred to as dynamic IP addresses. This also limits the ability of the user to host websites, mail servers, ftp servers, etc. In addition to users connecting to the internet, with virtual hosting, a single machine can act like multiple machines (with multiple domain names and IP addresses).