Assuming you only have one local ip address that is. Some of us have multiple network cards. Anyway that'll work, though if you want the time to be really the current time you will need to add a timer with 500ms resolution and update the value in the _Timer event otherwise that time is going to be just a snapshot.
You can play around with the date format string, or use one of the named formats like "Short Date" if you want the format to take the users Local into consideration.
Text1 = Winsock1.LocalIP
Text2 = Now