Will Google use this information? (Score 1)

What might be interesting, would be if google (or another search engine) used the same information as part of its ranking, so if a site that has a low reputation hosts a page with your keywords, the likelyhood is you're probably not interested.

Is there a system for removing an IP address from the list?

What happens if you are on a server with a dodgy site, but you share the IP address?