my %occurrences;
while(<>) {
  # Extract the IP addresses
  my ($from_ip, $to_ip) = /...some regex.../ or next;
  # Losslessly compress them into an 8-byte key
  my $key = pack("C8", split(/\./, "$from_ip.$to_ip"));
  $occurrences{$key}++;
}

# Now convert the counts to small, easily sorted things
my @data;
while (my ($key, $count) = each %occurrences) {
  # Use network byte-order (big-endian) because it
  # will sort alphabetically in numeric order
  push @data, pack("N", $count) . $key;
  # To save space, shrink the hash. Note that it is
  # normally unsafe to modify the set of entries in
  # a hash while iterating over them, but deleting
  # the current entry returned by 'each' is explicitly
  # allowed (perldoc -f each).
  delete $occurrences{$key};
}

# Now we have a simple array of (packed) counts and IP
# pairs. The easiest thing to implement would then be:
return (reverse sort @data)[0..$N-1];

# A trickier implementation that would avoid the superlinear
# expense of sorting would be to grab a random element and
# partition the array into a group of elements that are
# greater than that element, and a group of those that are
# smaller. As soon as the size of the group that is greater
# exceeds $N, throw out the other group and just finish
# creating the group of larger elements. If you're unlucky
# and your "larger" group never gets up to $N elements,
# start over again with a smaller pivot element.
#
# Repeat until you are left with a more manageable size,
# and then just do the sort.
while (@data > 10000) { # Assuming $N < 10000
  my (@big, @small);
  # The first element may be "random" enough, since it's
  # in perl's hash order. But you really probably ought
  # to pick a better one, just in case.
  my $pivot = shift(@data);
  while (@data) {
    my $elt = shift(@data);
    ($elt gt $pivot) ? push(@big,$elt) : push(@small,$elt);
    if (@big >= $N) {
      while (@data) {
        $elt = shift(@data);
        push(@big, $elt) if $elt gt $pivot;
      }
      last;
    }
  }
  if (@big >= $N) {
    @data = @big;
  } else {
    # Put the pivot at the end so we don't reuse it!
    push @data, @big, @small, $pivot;
  }
}