Just did this myself.
The PC and PS2 will communicate directly. Don't worry about any ip's given by your isp. Just make sure that your PC has it's ip set to 22.214.171.124, with the subnet being 255.255.255.0. You can set this in Network Connections -- right click on your ethernet card, select properties. Go to tcp/ip and click properties. Enter the info.
*You may / may not be able to do this if your isp forces you to leave your setting at auto-obtain. If this is the case, just switch back and forth between the two settings when desired and you should be fine.
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PS2 v1 SCPH-30001
DMS3 v2, Flash v1.8