I think the only way you can do this now is to do a SendKeys() on the ListView item.

Give this a try...

code:
FOR EACH $Item IN $List.Items
	$Item.SetFocus
	$nul=SendKeys({right})
	$RC = IsPing($Item.SubItems(0).Text)
	$PingError = @error
	SELECT
		CASE $PingError = 0
			$PingStatus = 'On'
		CASE $PingError = 1
			$PingStatus = 'RAS'
		CASE $PingError = 2
			$PingStatus = 'Off'
		CASE $PingError = 3
			$PingStatus = 'Gone'
		CASE 1
			$PingStatus = 'PROBLEM'
	ENDSELECT
	$Item.SubItems(1).Text = $PingStatus
	$Item.SubItems(2).Text = $AddressIP
	$Item.SubItems(3).Text = $AddressName
	$Item.SubItems(4).Text = $IPError
NEXT