We could use charindex, substring and len to cut the 4 parts of the ip
and rebuild it in the right format.
,LEFT(mycolumn, CHARINDEX('.',mycolumn) - 1) as part_four_of_ip
,CHARINDEX('.', SUBSTRING(mycolumn,CHARINDEX('.',mycolumn) - 1),len(mycolumn)
........ and so on.....
You may want to create a function (perhaps a CLR function, if the number of calls will likely be high) to do this, and simply call that. In the code, you will only see the function call, and it can be used in any number of other places.