Use Regular Expressions to parse IP address 
Imports System
Imports System.Text
Imports System.Text.RegularExpressions
Public Class MainClass
    
    Shared Sub Main()
             Dim string1 As String = _
              "04:03:27 127.0.0.0 www.java2s.com"
             ' time = one or more digits or colons
             ' followed by a space
             ' ip address = one or more digits or dots
             ' followed by space
             ' site = one or more characters
             Dim regString As String = "(?<time>(\d\:)+)\s" & _
             "(?<ip>(\d\.)+)\s" & _
             "(?<site>\S+)"
             Dim theReg As New Regex(regString)
             Dim theMatches As MatchCollection = theReg.Matches(string1)
             Dim theMatch As Match
             For Each theMatch In theMatches
                 If theMatch.Length <> 0 Then
                     Console.WriteLine( _
                         "theMatch: {0}", _
                         theMatch.ToString(  ))
                     Console.WriteLine( _
                         "time: {0}", _
                        theMatch.Groups("time"))
                     Console.WriteLine( _
                          "ip: {0}", _
                         theMatch.Groups("ip"))
                     Console.WriteLine( _
                          "site: {0}", _
                         theMatch.Groups("site"))
                 End If
             Next theMatch
   End Sub
End Class