OK, so I tried implementing this, http://ipaddressextensions.codeplex.com/.
It is displaying the output as:-
127.0.0.1 RESERVED ZZ
What on earth i
127.0.0.1 is a reserved IP address which stands for localhost (the computer that the code is running on). This is a "valid" IP address for every computer that runs TCP/IP.
IP lookups need a real IP address in order to work correctly.
In regards to the country code - it is probably a 2 character country ISO code (see here), so you need to translate the code to the correct country. ZZ is not in the table, signifying no country.