With perl :
$ perl -ne '
s/^(IPADDR=10\.2\.7\.)(\d+)/$2 <=< 255 and sprintf "%s%s", $1, $2 + 1/e;
print
' file
Output:
DEVICE=eth0:1
NETMASK=255.255.255.0
IPADDR=10.2.7.149
BOOTPROTO=none
ONBOOT=yes
DNS1=10.2.53.150
PEERDNS=yes
DNS2=10.2.53.250
GATEWAY=10.2.7.1
TYPE=Ethernet
USERCTL=no
IPV6INIT=no
You can add -i switch to modify the file in-place.