Should be plenty possible. Although I dont know about obtaining specific IPs. But apps can talk to apps.
OOOii made the Star Trek background computers' UI with AIR and they talk about communication across local network.
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Right now, peer-to-peer is possible using Stratus (http://labs.adobe.com/technologies/stratus/). The stratus server acts as the matchmaker, after that the communication is peer-to-peer.
At least most of what you want should be possible in the next major version of AIR (without using the Stratus service).
I know about Stratus. What I don't know about it is when it will be released and how much it will cost... until I know this, I can't o much with it.
What you say that the next version on AIR will have these features is very interesting. Do you have any references?