Some examples
Code:
IP=$(cut -f2 -d\ file)
note the escaped blank space specified as delimiter (cut considers TAB as default delimiter).
Code:
IP=$(awk '{print $2}' file)
if the file has multiple lines and you want to read the second field of each line on at a time, you can use a loop using read with two input variables
Code:
while read name ip
do
echo $ip
done < file