This will only work to reset your internal IP address on your network. Unless of course your computer is directly connected to the Cable/DSL modem (Stupid idea) without being behind a router/switch/etc, then it'll work.
Their is a different technique to reset your external IP Address, and I will explain as follows:
Their are two different types of IP addresses, Static and Dynamic.
Static IP Definition said:
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A permanent IP address that is assigned to a node in a TCP/IP network.
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Dynamic IP Definition said:
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An IP address that changes every time a user logs on to the Internet.
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If you are still running Dial Up, (56k, 128k, etc.) you will have a new IP everytime you log off and log back on.
Standard Internet Service providers will typically assign your house with a Dynamic IP address. Now everytime one of your computers on the network accesses the internet, the IP does not change. Everytime your Cable/DSL modem connects to the internet, it will search for the first available IP address and will be assigned the new address. (This is very similiar to a network setup with a DHCP server)
To Reset: If you have Cable or DSL, simply turn off the power to the Cable/DSL modem for 5 - 10 minutes. (Sometimes it takes longer) This will allow another user on the same ISP to connect, and use your old IP. When you turn the power back on, it will search for the first available IP and WALAH! You now have you're new IP address.
Your ISP will sometimes offer you the option to have a Static IP, but fees and conditions apply.