My wife's emails and FB are being continuously hacked. I have their IP address, and I believe I've found their address using Whois. Is there anything else I can do with this IP such as far as reporting them or taking revenge?
You can try and report them to their ISP (you'll have found that through the whois), or you could just have your wife do several virus/malware scans, make a new email address etc.
The first option is pretty futile, ISPs rarely do anything to combat hacking. As for revenge, that's not open for discussion on this forum.
To the above posts about not being able to do much with an IP: you are incorrect. I would never suggest a malicious attack against your hacker (if he has any legal knowledge, he will reverse charges on you and you will be put on as little as probation).
If you have his IP, contact his ISP and report the IP to the local authorities letting them know you are pressing charges (you don't need your lawyer for this).
Yeah. Even though someone keeps hacking my computer/accounts why would you just ignore it? You have to take action by reporting or getting the viruses removed or just starting fresh on a new computer ,etc.