You can't add a reference at runtime, but you can certain change the URL for a web reference.
When you create an instance of the web service proxy class, you can set the "Url" property to the Url you get from the file.
Even better, you can set up a web reference to use the 'Dynamic' "Url Behavior" and the Url will be read from the configuration file:
http://www.codeproject.com/soap/wsdldynamicurl.asp
-Peter