Gizmo's about right here - the IPs are stored in each topic file, and mirrored in the user post history files.
Right now, there's no way to search for all users by IP (which wouldn't be helpful for unregistered users anyway), or for posts made by an IP - there's no central index to look things up, and searching every single topic file is not something that should be done.
Thankfully, the new product will make this a trivial task. Yay for real databases. <img src="https://www.ubbcentral.com/boards/images/graemlins/laugh.gif" alt="" />
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