I think it's certainly possible, and would probably even be very beneficial for certain services. If you have a service where you want many nodes, like creating a decentralized internet or something like Tor, you might want to reward your users based on the IP addresses they're contributing to the system. People would "game" it by renting IPs and all that, but that would only benefit your system. This assumes however that the system would mandate IPs stay online in order to get their "stakes."