The following post outlines how to configure the ALOM on a v240.

Option 1: Configure from serial console.

Configuring the ALOM from the serial console is probably the most common method of setting up the ALOM on a box. First connect to the box’s serial port, using tip from solaris, minicom in linux, or hyperterm in windows.

Use the showsc command to print out the default ALOM variables to the screen.

sc> showsc
Advanced Lights Out Manager v1.0

parameter value
--------- -----
if_network true
if_modem false
if_snmp false
if_emailalerts false
sys_autorestart xir
netsc_tpelinktest true
netsc_dhcp false
netsc_ipaddr 0.0.0.0
netsc_ipnetmask 255.255.255.0
netsc_ipgateway 0.0.0.0
mgt_mailhost
mgt_mailalert
sc_customerinfo
sc_escapechars #.
sc_powerondelay false
sc_clipasswdecho true
sc_cliprompt sc
sc_clitimeout 0
sc_clieventlevel 2
sys_eventlevel 2
ser_baudrate 9600
ser_parity none
ser_stopbits 1
ser_data 8
netsc_enetaddr 00:03:ba:29:5e:34
sys_hostname
sys_enetaddr 00:03:ba:29:5e:2

Then use 'setsc' command to set the following 

sc> setsc if_network true

This command enables the NET MGT port.

sc> setsc netsc_tpelinktest true

This command enable/disables the link integrity test. 

sc> setsc netsc_dhcp false

This command should be set to false unless you want DHCP to obtain your network 
configuration, which is not part of this example.

sc> setsc netsc_ipaddr xxx.xx.xxx

This command sets the the unique IP address for the NET MGT port, 

sc> setsc netsc_ipnetmask 255.255.255.0

This command sets the netmask and will depend on the class of network. 

sc> setsc netsc_ipgateway 129.148.173.253

Now verify the settings with the "shownetwork" command.

sc> shownetwork
SC network configuration is:
IP Address:xxx.xxx.xxx.xxx
Gateway address: xxx.xxx.xxx.xxx
Netmask: 255.255.255.0
Ethernet address: 00:03:ba:29:5e:34

Option 2: Use the scadm command

Use scadm to configure your ALOM from inside a running Solaris OS.
I would think that this would be the better option for systems that are set 
to auto boot, and obviously already have a running OS installed and configured.
#scadm set if_network true

#scadm set netsc_tpelinktest true

#scadm set netsc_dhcp false

#scadm set netsc_ipaddr 129.148.173.27

#scadm set netsc_ipnetmask 255.255.255.0

#scadm set netsc_ipgateway 129.148.173.253