If they actually contain IP addresses: convert them to integers and use that as the index.
If the idea is to find if an IP address is on the "blocked" list, FAST, I would probably use nodes: convert the addresses into integers, split those up into byte portions, and make a node list that contains node lists, each having an ID of 0-255. And an Add and (semi-recursive) IndexOf (or Find) function. Works with IP6 as well, you just have twice as many levels.
First read the blocked list, and add them all as nodes. A lookup is quite fast after that.
But I guess it depends on what you want to do with it. The big picture.
And if the above was the main goal, I would give each node a serialize/deserialize method as well, so it can be written to a text file and read back into memory.