Oh yes, you mean the "Manually connect to host" option? Yes, that have been possible as long as I've been using BearShare (since 2.2.0). It should work when ever you try connecting to a non-firewalled host which has free slots. And now with ultrapeers, the host you're connecting to must have free peer or leaf slots, depending on your mode.

And actually, that no-ip.org service. It doesn't give a static IP address to you, it gives only a DNS name which always points to your IP address.