This might look as a hack, but it does exactly what you need:
var unsortedIps =
new[]
{
"192.168.1.4",
"192.168.1.5",
"192.168.2.1",
"10.152.16.23",
"69.52.220.44"
};
var sortedIps = unsortedIps
.Select(Version.Parse)
.OrderBy(arg => arg)
.Select(arg => arg.ToString())
.ToList();