NeoTrace will give you the address of the ISP that is providing the IP address. Unless you are trying to track down a company, you won't be able to figure out where the person with the IP address actually lives. You would have to get a court order to get the ISP to check their logs and give you the name/address of the person that had the given IP address at the given time.
For instance, if you use NeoTrace on my cable modem IP address, NeoTrace will draw a dot in Coudersport, PA, because that is where Adelphia is headquartered, and thus where their IP addresses are registered. However, I actually do not live in Coudersport, PA.
If you are looking for a company, then you can do a domain name lookup to get the info on who applied for the domain name.