You want to block outgoing traffic to a particular host.
To block all access:
# iptables -A OUTPUT -d remote_IP_address -j REJECT
# ipchains -A output -d remote_IP_address -j REJECT
To block a particular service, such as a remote web site:
For iptables:
# iptables -A OUTPUT -p tcp -d remote_IP_address --dport www -j REJECT
For ipchains:
# ipchains -A output -p tcp -d remote_IP_address --dport www -j REJECT
Perhaps you've discovered that a particular web site has malicious content on it, such as a trojan horse. This recipe will prevent all of your users from accessing that site. (We don't consider "redirector" web sites, such as http://www.anonymizer.com, which would get around this restriction.)
iptables(8), ipchains(8).