I am planning on installing snort of my network to gather ip traffic. I would like to use splunk to show me graphically how much traffic each of the ip addresses on my network are generating and then to also establish to boundaries where I can be warned when either innbound or outbound traffic to and from selected ip addresses exceeds certain thresholds.
Snort is really the wrong tool for the job. Snort is an IDS; it's not a bandwidth/traffic monitor.
If you want to report and alert on numbers of intrusion detection alerts, then yes, you can do that.
If you want to report and alert on traffic utilization, then you'll need firewall logs, netflow information, or some other source that includes this type of data. Once you have the raw data, Splunk can help with the reporting.