Ah, finally able to finish it. Very entertaining and very original. A couple of comments though:
1) The dropdown list of IP-adresses is great (thank you very much for adding it), but it would be even more awesome if it was actually clickable. It won't be more than a few lines of code to parse the text of the selected listbox item to the textbox (after cropping everything after the space) and it would really add to the usability.
2) It would also be excellent, if the Telnet box could be closed by pressing ESC or just clicking OK without entering anything.
I wish you the best of luck in the contest!