the forums at degreez.net

Wats local ip and ip bind for, i mean does it exactly do. Mite be useful so wat ip do i put in?

Normally, you don't have to enter anything to local ip or ip to bind to.
Local ip transmits the given ip to the tracker, if the tracker supports this, other peers will try to connect you on that ip. Usually the tracker detects you ip automatically, it's only useful if you're behind an undetectable proxy.
Ip to bind to tells bittornado to use only a specific ip from your computer, i.e. you have internet and lan access and only want to use the lan for bittornado. Again, this is usually detected automatically. It could be more useful i.e. if you're running a tracker.

Well, actually, bind-ip allows to set ip ONLY for listen sockets, not the connecting ones. I hope that gets corrected someday, since i'm using BT here through a VPN. netstat shows listen sockets bound perfectly to the VPN interface, but BT's connecting sockets go through default interface (i.e. they're not bound before connect() is executed). I'd try to change this behaviour myself, if only i knew pyton... :-/

hemster42 has/had similar problem, i think, right here: http://forums.degreez.net/viewtopic.php?t=2748

and as a proof:
tcp 0 0 172.31.5.1:64057 0.0.0.0:* LISTEN 7049/python
tcp 0 0 10.1.37.1:52513 x.x.x.x:6881 ESTABLISHED 7049/python
tcp 0 17 10.1.37.1:52514 x.x.x.x:14797 ESTABLISHED 7049/python
tcp 0 0 10.1.37.1:52486 x.x.x.x:6555 ESTABLISHED 7049/python

with bind-ip set to 172.31.5.1, of course (and "local ip" to public ip on the other end of VPN)

Yeah, i'm behind a NAT, that's why i use VPN.