This one was shown to me a while back but I needed to use it today and remembered how much easier it is.
To quickly access the hosts file go Start -> Run -> Type drivers -> Ok.
This will bring up the folder before the hosts file, just double click into the etc directory from there.
The other method is to create a new shortcut on your Start Menu or Desktop with the following as the target
%windir%system32notepad.exe "c:WINDOWSsystem32driversetchosts"
Two easy methods to access your hosts file.