You can totally play with your wife on the same IP, with each person having a different account. Many of my friends on the server play as a couple.
The only thing you have to watch out for is gathering activities (or HELMFing):
- Harvesting
- Excavating
- Logging
- Mining
- Fishing
The above activities you are not allowed to do on more than one character at a time per household. Keep in mind Nasomi does not joke around with punishment.
You can consult this rule here :
http://nasomi.com/wiki/index.php?title=New:Rules