The set of technology standards and technical specifications that enable information to be routed from one network to another over the Internet. It is the way networks exchange data with each other. For example, IP is the delivery mechanism by which your e-mail gets sent. IP defines how the data will be divided into packets; each packet is coded with an IP address; and various packets constitute a single message. These packets travel across the Internet by different routes and arrive at the destination in a scrambled order. A second protocol, TCP (transmission control protocol), is needed to put the packets back in sequence.
And that, my friends, is the basis for how the Internet works.
"IP" also refers to "Intellectual Property" for example, NetLingo.com is copyrighted and is the intellectual property of NetLingo Inc. A legal term, intellectual property reflects the idea that the subject matter is the product of the "mind" or the "intellect" and refers to written and recorded media, and inventions.