Yes, it works. You have to type in the IP address exactly, and it works best if the IP addresses are identical except for the last digit.
To do this:
Go to Network and Sharing Center.
Manage Network Connections.
Right click on the one you are using (Wireless or cable?) and look at properties.
Double click on TCP/IPv4 (NOT v6)
Rather than obtaining an IP address automatically, select "Use the following IP address"
Type in an IP address. Ignore the subnet mask and default gateway.
Do likewise on all the computers to get them to have similar IP addresses. This greatly increases the likelihood of success in connecting this way.