Altering the user profile form

Hi! I am trying to add an ip address field in the user profile form. Am I retrieving the value in the correct section?

/**
 * Implementation of hook_form_alter()
 */
function mymodule_form_alter(&$form, $form_state, $form_id) {
  switch ($form_id) {
    case 'user_profile_form':
      // Retrieve IP Address of User depending on the URL
      $ip_addr = db_result(db_query('SELECT ip_addr FROM {table} WHERE uid = %d', arg(1)));
      $ip_addr = (!empty($ip_addr)) ? $ip_addr : NULL;

      $form['ip_profile'] = array(
        '#type' => 'fieldset',
        '#title' => t('IP Profile'),
        '#collapsible' => TRUE,
        '#collapsed' => FALSE,
        '#weight' => 7,
      );

      $form['ip_profile']['ip'] = array(
        '#type' => 'textfield',
        '#title' => t('IP Address'),
        '#value' => $ip_addr,
        '#maxlength' => 15,
        '#size' => 25,
      );

      $form['#validate'][] = '_validate_ip';
      $form['#submit'][] = '_submit_ip_profile';
      break;
  }
}

Also the database doesn't seem to be updated. $form_state['values']['ip'] seems to be empty. I tried dsm($form_state) and $form_state['values']['ip'] was empty. Any things I should consider?

/**
 * Add the ip address submitted to the ip profile db
 */
function _submit_ip_profile($form, &$form_state) {
  if (db_result(db_query("SELECT COUNT(ip_addr) FROM {table} WHERE uid = %d", arg(1))) < 1) {
    db_query("INSERT INTO {table} (uid, ip_addr) VALUES (%d, '%s')", arg(1), $form_state['values']['ip']);
    drupal_set_message(t('IP Address set for the current profile.' . $form_state['values']['ip']));
  } else db_query("UPDATE {table} SET ip_addr = '%s' WHERE uid = %d", $form_state['values']['ip'], arg(1));
}