Analyzing the INCORRECT Statement

The question asks to identify the INCORRECT statement among the given options related to internet terminology and computer history.

Statement Analysis:

• Statement 1: Hotmail was launched in July 1996, not 1995. While it was a pioneering free web-based email service, the year is slightly off.
• Statement 2: The first computer installed in India was indeed the HEC2M at the Indian Statistical Institute (ISI), Kolkata, in 1955. This statement is correct.
• Statement 3: Vint Cerf, along with Bob Kahn, is widely credited as one of the 'Fathers of the Internet' for their work on the TCP/IP protocols. This statement is correct.
• Statement 4: In internet terminology, 'IP' stands for 'Internet Protocol', which is fundamental for routing data across networks. 'Internet Practice' is not the correct meaning. This statement is INCORRECT.

Conclusion on INCORRECT Statement

Based on the analysis, the statement "In internet terminology, IP means Internet Practice" is definitively incorrect. IP refers to Internet Protocol.

Therefore, the INCORRECT statement is the one defining IP as Internet Practice.