I believe some ISPs still reassign IP addresses. In addition, I would think a spammer might spoof the IP address. That might not be the best way to block spamming.
Its not foolproof but it does help....blocking known proxies/servers that mass spam cuts down on alot of it.
I was the Admin for a long time on a forum, and I noticed that, while it didn't completely fix the problem, IP Banning did tend to atleast aleviate the problem. Many of the spam bots and programs will only phish a site/forum using one IP, and many of the trolls and trouble-causers are either not savy enough to figure out how to do it, or lose interest after they get banned the first few times.