For vB3? I can't remember if there's a setting to turn that off, so open modcp/index.php, find:
PHP Code:
if (can_moderate(0, 'canviewips'))
{
$canuser = true;
construct_nav_option($vbphrase['search_ip_addresses'], 'user.php?do=doips');
}
And remove it
Again, I can't remember the exact setting for this, but that will work
Also, i'll move this to the vB3 hack requests forum.