The short answer is no this is not possible as each measure that you chart is really a data set that is stored in the Performance Warehouse database and so in order to chart a measure split on a given criteria that split must actually be stored in the database as well. For instance, a measure for response time will be stored for all purepaths and you can do some simple configuration so that it is created for each agent or each application which will allow you to chart it by agent or by application but it has no awareness of the IPs so it can't be charted split on that.
Technically you could create a business transaction that is split on IP with the measures you're interested in as result measures but you would only be able to chart these measures if the business transaction is stored in the Performance Warehouse, but there is a limitation in that if you try to store splittings for something like IP which can normally have many many results you can end up overwhelming the warehouse and storage will be disabled. So really this would only be a possibility if you have a very limited application accessed by only a relatively small number IPs.
To add to James' response, this would be feasible if you looking to measure a particular IP or set of IP addresses. To avoid the measure explosion mentioned, I would create separate filter measures of "Web Requests - Client IP" for each of the IP addresses you are interested in in the Business Transaction. As James mentioned, splitting by all IP addresses would most likely result in a measure explosion if the data is stored in the Performance Warehouse.