No, because banning IPs could potentially lead to the accidental banning of legitimate players or new players. It doesn't matter if the IP is banned or not, if someone is determined to come back and troll this site, they can do so, and for the most part we have to react and quarantine the action.
We've had one repeat offender before, and the tactic I used was to use simple tools at my command to dig up information on the user and publicize it, to show that you can't just be a dick on the internet without consequences. I came up with his name, age, location, old high school, and employer as well as a myspace page with plenty of fun facts like his musical preference. I'm happy to report that the offender hasn't returned, lest I dig more thoroughly and find more intimate information such as an address or phone number, or perhaps inform his employer or family.