Yes IP addresses are not tied to DNS. Static IP addresses are, however, provided by a ISP -- which can be revoked.
There is no real untraceable action on the internet. Every system you connect to records something about your activity. If you are not on the same subnet as the system you connect to, you need to pass through different routers, each of those hops has the potential of recording your address (your mac address, ip address, where you came from, and your intended destination).
Roach: "I feel like in this day and age, every girl should know how to build a flamethrower."