No it doesn't need an IP. you only need a terminal emulator that use a serial connection
Choose one of this :http://www.techrepublic.com/article/access-the-cisco-cli-with-one-of-these-five-terminal-emulators/
and use a Serial connection
You have to know that the Console port doesn't enter on your Ethernet card, it needs a serial port emulator or usb converter to connect to your PC