If you're looking for valid IP addresses in the file, this will work:
$re='\b(?:(?:25[0-5]|2[0-4][0-9]|[01]?[0-9][0-9]?)\.){3}(?:25[0-5]|2[0-4][0-9]|[01]?[0-9][0-9]?)\b'
$configFile='~/Documents/test/configFile.txt'
$configFileUpdate=(Get-Content $configFile) -replace $re,'127.0.0.1'
$configFileUpdate > $configFile
PS /~> cat ./configFile.txt
test test test test test test test
test test test test test test test
test test 10.10.0.123 test test test
test test test test test test test
test test test test test test test
PS /~> ./script.ps1
test test test test test test test
test test test test test test test
test test 127.0.0.1 test test test
test test test test test test test
test test test test test test test
This regex will not work with ỳour example 10.0.0.333
because it is not a valid IP address, for this something like the regex in Olaf's comment will work.